The Council of Ministers gave its nod for granting licenses to two digital banks; among other important decisions it took during its virtual session on Tuesday chaired by King Salman, SPA reported.
"The finance minister will issue the necessary licenses for STC Bank and Saudi Digital Bank; both under establishment," the report added.
Commenting on the Cabinet's go-ahead for the Kingdom's first digital banks, Finance Minister Mohammed Al-Jadaan tweeted, saying; "The decision of the Cabinet to approve the licensing of two digital banks comes within the framework of developing the financial sector; and contributing to the support and development of the national economy; by opening the way for new companies to provide financial services."
"It also comes within the objectives of the Financial Development Program, which seeks to develop a more efficient digital infrastructure; as well as its initiatives to enhance the innovation system in financial services; encourage entrepreneurship and create job opportunities in the financial sector," he added.
The Cabinet also ordered the establishment of an administrative unit; as part of the Ministry of Human Resources and Social Development called Social Specialties Unit.