The Saudi Central Bank (SAMA) has granted operational approval to D360 Bank, marking the launch of the kingdom's third licensed digital bank as regulators push to modernise the financial sector, SPA reported on December 18.
The development adds to Saudi Arabia's expanding fintech sector, as the kingdom positions itself as a regional hub for financial innovation and digital services.
The approval is part of SAMA's broader strategy to enhance financial sector stability while promoting innovation and competition in Saudi banking, supporting the kingdom's Vision 2030 economic transformation programme.
D360 Bank joins two other digital banks already operating in Saudi Arabia, reflecting growing demand for digital financial services in the region's largest economy. The move highlights SAMA's efforts to develop a regulatory framework that encourages financial innovation while maintaining sector stability.
The central bank has been actively promoting digital transformation in the financial sector, seeing digital banks as key drivers for increasing financial inclusion and supporting economic growth in line with national development goals.
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