Digital bank backed by Saudi sovereign wealth fund gets approval

The D360 Bank, which aims to operate locally, will be the third digital bank in Saudi Arabia as the kingdom's diversification efforts continue.
Saudi bank
A picture taken on Nov. 18, 2020, shows an electronic billboard bearing the portraits of Saudi King Salman bin Abdulaziz (R) and his son Crown Prince Mohammed bin Salman ahead of a meeting of finance ministers and central bank governors of the G20 nations in the Saudi capital Riyadh. - FAYEZ NURELDINE/AFP via Getty Images
Al Monitor: The Pulse of the Middle East
Al-Monitor Staff

A new digital bank in Saudi Arabia received permission to operate today. 

The D360 Bank was approved by Saudi King Salman bin Abdulaziz and Crown Prince Mohammed bin Salman. It will be established with 1.65 billion Saudi Arabian riyals ($440 million) in initial capital, with key investment from the kingdom's Public Investment Fund. D360 Bank will be run by the Riyadh-based Derayah Financial Company, the Saudi Central Bank said in a press release. 

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