Riyadh: The Saudi Central Bank (SAMA) has submitted proposals to the authorities for approval of the establishment of two digital banks for the convenience of consumers.
According to Arab media reports, Sama submitted applications for the establishment of digital banks in the country to higher authorities for approval, including suggestions.
The Saudi Central Bank says it has applied to the government for the establishment and licensing of two Saudi digital banks to provide banking services.
According to the bank, the establishment of digital banks will further facilitate account holders in the country.
Sama said more applications would be made for the establishment of new banks to facilitate the public and companies and boost the Saudi economy.
“We want to further expand our banking services in the country,” he said. Sama recently issued licenses to a number of Saudi financial technology companies offering a variety of services.