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Asharq Al-Awsat

Business

Riyadh - Asharq Al-Awsat

Saudi Arabia Approves Licensing of New Digital Bank

Saudi Arabia Kingdom PIF Public Investment Fund

Buildings are seen in Riyadh, Saudi Arabia February 16, 2021. (Reuters)

Saudi Arabia’s central bank announced on Tuesday that the government has approved the licensing of a third digital bank, called D360 Bank, with a capital of 1.65 billion riyals ($440 million).

It added that the Kingdom’s Public Investment Fund (PIF) was part of the consortium of companies and investors launching the new lender.

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