Licensing Conditions
| Date(g): 24/2/2020 | Date(h): 1/7/1441 | |
Effective from Feb 24 2020 - Feb 23 2020
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To apply for a Digital-only Bank license in Saudi Arabia, the following conditions must be met: |
1. | The Digital-only Bank should be set up as a locally incorporated joint-stock company. |
2. | A promoter should have: |
| a. | experience and knowledge in the financial industry; |
| b. | appropriate technology-related experience and knowledge; and |
| c. | financial capacity to support setting up the Digital-only Bank. |
3. | An applicant must possess a team with adequate expertise to discuss relevant aspects of the application. |
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