The Saudi Central Bank (SAMA) announced today, Monday, its no objection to Vision Bank commencing its digital banking operations in the Kingdom of Saudi Arabia.
This approval aligns with SAMA’s strategy to strengthen the stability of the financial sector, enhance confidence, support economic growth, and encourage competition within the banking industry, while ensuring high levels of security and transparency. The move also highlights the resilience and attractiveness of the Saudi banking sector and the national economy.
SAMA continues its efforts to increase the banking sector’s role in achieving the goals of Saudi Vision 2030, particularly in areas related to financial inclusion and the advancement of the digital economy. These initiatives aim to empower financial institutions to deliver innovative services across the Saudi market.
It is worth noting that Vision Bank, formerly known as the Saudi Digital Bank, announced the start of its pilot phase in January following SAMA’s initial approval. Vision Bank is a local digital bank established by a consortium of individual and corporate investors, and operates under the direct supervision and regulation of the Saudi Central Bank.
