Commercial entities to establish Saudi digital bank, subject to approvals

Commercial entities to establish Saudi digital bank, subject to approvals
The company would contribute SR25 million ($6.66 million) to the bank’s capital. (File/AFP)
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Updated 16 February 2021

Commercial entities to establish Saudi digital bank, subject to approvals

Commercial entities to establish Saudi digital bank, subject to approvals

RIYADH: The board of Al-Moammar Information Systems Co. (MIS) is to become a founding shareholder with a consortium of commercial entities to establish a digital bank in Saudi Arabia in compliance with Islamic law, according to Al Arabiya.

The company would contribute SR25 million ($6.66 million) to the bank’s capital, according to its statement on Tadawul, and its establishment would be subject to the approval of authorities.

“The Kingdom is one of the world’s most digitally advanced countries, and banks are leading their transformation with real-time digital solutions to meet their customers’ banking needs,” said Khaled Al-Saleh, managing director of SAP Saudi Arabia, in 2018.

“Saudi banks are driving new and innovative banking models in line with Vision 2030 goals for economic growth and diversification,” he added.