SAMA submits licensing requests of two local digital banks to higher authorities

The Saudi Central Bank (SAMA) announced that it will submit licensing applications of two digital banks to operate in the Kingdom to the competent authorities, after completing the required paperwork.
  

Upon the issuance of approvals, SAMA will supervise the steps of establishing the two digital banks before launching their operations.
  

The move comes in line with Saudi Vision 2030 and stems from SAMA's role in supporting the growth and stability of the Saudi banking sector, as well as the expansion of the financial sector.
  

SAMA opened the way for new companies to provide financial services, in the past year, for 16 Saudi financial technology companies to provide payment services, consumer microfinance and electronic insurance brokerage.

It also authorized 32 financial technology companies to work under the umbrella of the legislative experimental environment dedicated to experimenting with innovative financial services and products in the Kingdom.