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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.