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Saudi Arabia to issue licenses for the two digital banks

In its session chaired by King Salman, the Saudi Cabinet approved the Minister of Finance to issue the necessary permits to both STC Bank and the Saudi Digital Bank following Article 3 of the Banking Control Law.

The Saudi Minister of Finance, Muhammad Al-Jadaan, said that the Cabinet’s approval comes within the objectives of the Financial Sector Development Program, which is part of a vast economic reform plan known as the Kingdom’s Vision 2030.

These goals seek to develop “a more efficient digital infrastructure while promoting entrepreneurship and job creation in the financial sector,” wrote Minister Al-Jadaan on Twitter.

“The Cabinet’s decision comes within the framework of developing the financial sector system and contributing to the support and development of the national economy by opening the way for new companies to provide financial services,” he added. 

Digital Organizational Maturity Index

Last Monday, ITU announced the classification of Saudi Arabia in the highest levels of the Digital Regulatory Maturity Index for telecom regulators around the world (level five).

After its success in building a sustainable and homogeneous regulatory framework, it is to be ranked first in the Middle East and Africa and ninth among the G20 countries.

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