SAMA receives requests to set up digital bank

Saudi Arabian Monetary Authority (SAMA) has received requests from Saudi investors to establish a digital bank in the Kingdom, Al-Eqtisadiah newspaper reported, citing Ahmed bin Abdul Kareem Al-Kholifey SAMA’s Governor.

The bank would serve both clients and central banks, he said on the sidelines of the Future Investment Initiative (FII) 2018.

Digital banks operate in some European and Asian countries, as they serve a wide range of clients that are not serves by the existing banking sector, which would promote financial inclusion, he said.