Saudi Arabia will allow more digital banks

Saudi Arabia will allow more digital banks
Saudi Arabia will allow more digital banks

He said Governor of the Central Bank of Saudi Arabia Today, Thursday, at a financial forum in Riyadh, Fahd Al-Mubarak said that the Kingdom will grant operating licenses to more digital banks.

This year, the Kingdom issued licenses for its first digital banks, STC Bank and the Saudi Digital Bank.

Saudi Arabia is seeking to come up with a low-cost digital central bank that simulates digital operations, which would have a hedge of the real liquidity held in central banks, according to previous statements by Al-Mubarak.

Al-Mubarak pointed out that some countries have begun experimenting with these systems, and the Kingdom’s experience has a cross-digital currency project with the UAE, and there is a large project for financial technology in Saudi Arabia.

The governor of “Sama” explained that there is a unified currency for the clearing system between banks in the region, and in the Gulf region there is a currency exchange policy that is very similar to digital transactions and depends a lot on the dollar, and therefore “we have the ability more than any other region to move to digital currency at the regional level.”

Al Mubarak said that we have experience with other partners in digital currencies for central banks, stressing that digital currencies will be within the banking system.

He explained that the Kingdom now has about 32 financial technology companies operating in different sectors, whether financial payments, insurance or other activities, and we have an open banking program.

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