Saudi Arabia's first digital bank D360 has attracted more than 600,000 customers since launching operations in December 2024, Al-Eqtisadiah reported on February 2.
The new bank set itself as one of the world's fastest-growing digital banks in terms of customer acquisition.
D360, a local digital bank established through a partnership between investors led by Derayah Financial and the Public Investment Fund with capital of SAR1.65bn, is developing digital financing products using data analytics and artificial intelligence to attract customers.
The bank, which received the first digital banking licence from the Saudi Central Bank, targets individuals seeking more flexible and efficient banking experiences, particularly those interested in financial technology who prefer managing accounts entirely via mobile devices.
D360 plans to compete by offering travel cards with international usage free from hidden fees, instant international transfers with low exchange rates and fees, and free domestic transfers.
The bank views competition from both traditional and digital banks as fundamental to driving innovation and improving financial services quality.
Digital banks in Saudi Arabia, which provide all banking services through advanced digital technology, were licensed by cabinet decision in 2021.
Currently, three local digital banks are licensed to operate in the kingdom.
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