Saudi Arabia issues license for STC, Saudi digital banks

Riyadh Image Credit: Agency

Cairo: Saudi Arabia’s finance minister has issued a license for STC bank and Saudi digital bank, both under establishment, the Saudi cabinet said in a statement on Tuesday.

Earlier, Saudi Arabia’s cabinet has given approval to the kingdom’s finance minister to issue license for the country’s first digital banks, state news agency reported on Tuesday.

“The finance minister will issue the necessary licenses for STC Bank and Saudi Digital Bank, both under establishment,” the Saudi Press Agency added.

Minister Mohammed al-Jadaan said the cabinet’s approval comes within the objectives of the Saudi Financial Development Programme, which is part of a massive economic reform plan known as Saudi Vision 2030.

These objectives seek to develop a more efficient digital infrastructure, while encouraging entrepreneurship and creating job opportunities in the financial sector, he wrote on Twitter.

“The cabinet’s decision to approve the licensing of two digital banks comes within the framework of developing the system of the financial sector, and contributing to the support and development of the national economy, by opening the way for new companies to provide financial services,” al-Jadaan added.