MIS announces SAR 25 mln contribution to Saudi Digital Bank’s capital

Logo of Al Moammar Information Systems Co.

Al Moammar Information Systems Co. (MIS) announced the Cabinet’s approval to grant the required license to Saudi Digital Bank, in which the company contributed SAR 25 million, the firm said in a statement to Tadawul today, June 23.

The contribution from MIS comes as a founder within a consortium of several commercial entities, with a capital of SAR 1.5 billion.

Following the Cabinet’s approval, the Saudi Central Bank (SAMA) will complete the necessary technical and operational requirements.

MIS indicated that the establishment of the digital bank requires approvals and additional requirements from the authorities.

The company will announce any developments in this regard in due course.

In February, MIS’s board of directors approved an investment as a founding shareholder with a consortium of several commercial entities to establish a Shariah-compliant digital bank in Saudi Arabia, Argaam reported.

On June 22, the Cabinet approved the Minister of Finance to issue necessary licenses for two digital banks.

stc pay will be converted into a local digital bank - STC bank - with a capital of SAR 2.5 billion, while several companies and investors, led by Abdul Rahman bin Saad Al Rashed and Sons Company, will establish Saudi Digital Bank, with a capital of SAR 1.5 billion.