Saudi Arabia has approved a licence for a new digital bank that will launch with a capital of 1.65 billion riyals ($440 million), some of which will come from the country's sovereign wealth fund.
The Saudi cabinet has approved a licence for D360 Bank, the third such licence awarded, says the country's central bank.
Funding comes from a consortium of individual and corporate investors, led by Derayah Financial Company and including the sovereign fund.
The digital bank licences are part of a broader Saudi programme to develop a digital economy and the central bank is encouraging more applications.
The bank has also licenced 19 fintech companies to provide payments services, consumer microfinance and electronic insurance brokerage.