The Saudi Central Bank (SAMA) has announced that it has completed the procedures related to studying the two license applications for two local digital banks to conduct banking business in the Kingdom.
The Central Bank made this statement after the applicants had completed the requirements. The legality, guidelines and basic criteria for requesting a license to practice banking in the Kingdom, in addition to the guidelines and criteria for requesting a license for digital banks.
The Saudi Central Bank is eyeing the setting up of digital banks as it is in line with the transformation taking place in the Kingdom. The move is also in order to achieve the objectives of the Kingdom’s Vision 2030 aims.
It is also based on the role of the Saudi Central Bank in supporting the growth and stability of the banking sector and the Saudi economy and the expansion and deepening of the financial sector,
Based on the powers granted under the Saudi Central Bank Law and the Banking Control Law, the Central Bank will submit to the higher authorities, according to the system, a request for the approval of the license.
After the approval is issued, the Central Bank will complete the supervision of the establishment and operating arrangements before the two banks conduct their business in the Kingdom.
SOURCE : SAUDI GAZETTE
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