Based on the powers vested in SAMA under the relevant laws, The Saudi Arabian Monetary Authority (SAMA) has published the Additional Licensing Guidelines and Criteria for Digital-Only Banks in Saudi Arabia on its website.
It has issued these guidelines and criteria to keep up with the developments in the financial and information technology sectors and to achieve the objectives of the Financial Sector Development Program (FSDP) and Saudi Vision 2030 by developing the digital economy.
These guidelines and criteria include the minimum requirements to be met for obtaining a license to establish a digital-only bank in Saudi Arabia. They complement the Banking Licensing 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 .)