RIYADH:Â The Saudi Cabinet has approved a license for a local digital bank to be established with a capital of SR1.65 billion ($440 million), the Kingdom's Central Bank has confirmed.
The D360 Bank will be established through a consortium of individual and corporate investors, led by Derayah Financial Company, with the Public Investment Fund being one of the main investors.Â
With the newly issued license, the total number of licensed banks in the Kingdom will reach 35, including 11 local banks, three local digital banks and 21 foreign bank branches, according to SAMA.Â
This comes as part of the central bank's efforts to support innovation and maintain financial stability, in line with the Financial Sector Development Program’s objectives as part of Saudi Vision 2030.Â
