The Gulf International Bank (GIB) will launch Saudi Arabia’s first digital bank, according to a report published by Asharq Al-Awsat newspaper. 

 

The bank will be launched in the Eastern Province of the kingdom, said Yahya Al-Yahya, GIB’s chief executive.

 

All transactions— including internal and external transfers— will be virtual, he ​said. 

 

Clients will meet the bankers only once to open the accounts​, he

added, without elaborating on when the bank will be open for service.​

 

Customers will be able to deposit cash and checks through self-serving machines located at the bank’s main branches.

 

The digital bank will be open only to individuals, not companies or corporations. 

 

Al-Yahya added that full details of the new bank will be announced at its upcoming launching ceremony. 

 

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