Based on the powersvested in SAMA under the relevant laws, The Saudi Arabian Monetary Authority(SAMA) has published the Additional Licensing Guidelines and Criteria forDigital-Only Banks in Saudi Arabia on its website.
It has issued theseguidelines and criteria to keep up with the developments in the financial andinformation technology sectors and to achieve the objectives of the FinancialSector Development Program (FSDP) and Saudi Vision 2030 by developing thedigital economy.
These guidelines andcriteria include the minimum requirements to be met for obtaining a license toestablish a digital-only bank in Saudi Arabia. They complement the BankingLicensing Guidelines and Minimum Criteria published on SAMA's website.
SAMA emphasizes that it is important to obtain a license prior to engaging in any banking activity in Saudi Arabia, and it encourages those wishing to apply for a license to contact SAMA in this regard. For further details, please visit SAMA (http://www.sama.gov.sa/ar-sa/Laws/Pages/BankingRulesAndRegulations.aspx .)
