The annual report of the Financial Sector Development Program for the year 2023 revealed 10 aspirations for the Saudi Central Bank (SAMA) in the year 2024, including the full launch of digital banks.
According to the report, the Saudi Central Bank is looking forward to launching a number of digital banks in 2024, updating the system for monitoring finance companies, updating the regulatory framework for open banking, updating the rules for practicing debt crowdfunding activity, and developing digital solutions to supervise the past sector.
In 2024, SAMA also aims to empower local and international financial technology companies in the Saudi market, in addition to launching the general rules project for savings products in banks and banking institutions, and amending the main principles of governance in financial institutions subject to the supervision and oversight of the Central Bank.
The Central Bank also looks forward to issuing a draft of the Central Bank’s regulatory frameworks rules booklet, and continuing to keep pace with best practices and adhere to international standards, in a way that preserves the Kingdom’s position and contributes to enhancing the strength and stability of the financial sector.
It is noteworthy that the year 2023 witnessed the experimental launch of two out of three digital banks licensed in Saudi Arabia, namely: STC Bank and Dal Three Hundred and Sixty Bank, as digital banks are one of the new sectors that were licensed in 2021-2022, and contribute to increasing financial inclusion and raising the competitiveness of the sector in a way that serves customers in the banking sector.
In the pilot launch phase, digital banks seek to ensure that all systems are ready for full launch in 2024.
