(MENAFN)According to Yazeed Alsheikh, director for general of banking control at Saudi Central Bank (SAMA), digital banks licensed in Saudi Arabia are going to improve the quality and user experience for customers in the Kingdom, supporting innovation and reducing costs.
Al Eqtisadiah paper quoted him as saying that this plan is going to add to stimulating competition with local banks and financial technology companies.
The Saudi Press Agency (SPA) further reported that the Saudi Cabinet handed its nod to the Kingdom’s finance minister to mark licenses for the country’s first digital banks, STC Bank and Saudi Digital Bank.
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