Home GCC Saudi Arabia Saudi Arabia’s sovereign fund backs new digital bank called D360 The Saudi cabinet approved a licence for D360 bank on Tuesday by Bloomberg February 16, 2022 Saudi Arabia’s sovereign wealth fund is a key investor in a new digital bank being established in the kingdom with a capital of SAR1.65bn ($440m). The Saudi cabinet approved a licence for D360 bank on Tuesday, the central bank said in a statement. The digital bank is backed by a “consortium of individual and corporate investors” led by Derayah Financial Company, while the kingdom’s Public Investment Fund is “one of its key investors,” according to the statement. Saudi Arabia recently licensed two other local digital banks as officials work to develop the financial sector under Crown Prince Mohammed bin Salman’s economic diversification plan. Digital banks have taken off with the spread of finance technology in the Middle East, a region with high internet penetration and a young population. Saudi Arabia was a relatively slow adopter of digital banking and electronic payments, but that’s accelerated significantly since the pandemic pushed more businesses and consumers online. The Public Investment Fund didn’t immediately respond to a request for comment. Tags Cabinet D360 Digital Banks Saudi Arabia 0 Comments You might also like Saudi Arabia’s PIF raises $1bn from stc Group stake sale Saudi Arabia replaces CEO overseeing $500bn NEOM mega project ACWA Power secures $238m for key Azerbaijan wind farm project PIF’s ROSHN shifts focus to multi-asset development in rebranding push