(MENAFN)According to the Saudi Press Agency (SPA), Saudi Arabia’s Cabinet gave its nod to the Kingdom’s finance minister to issue licenses for the country’s first digital banks.
The report further declared citing a Cabinet statement, “The finance minister will issue the necessary licenses for STC Bank and Saudi Digital Bank, both under establishment.”
It also declared that the Cabinet confirmed the proposal in an online assembly led by King Salman.
The cabinet’s approval is in line with the Saudi Financial Development Program that is part of the Kingdom's massive economic reform plan known as Saudi Vision 2030, added Finance Minister Mohammed Al-Jadaan.
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