SAMA receives requests to open digital, traditional banks

The Saudi Arabian Monetary Authority (SAMA) has received requests to open digital and traditional banks, Saudi Press Agency (SPA) reported, citing Ahmed Al-Kholifey, the central bank’s governor.

SAMA is open to receiving additional applications for banking licenses, and has posted on its website steps and criteria for that, he said during a roundtable discussion at Riyadh Chamber on Sunday.

The needed procedures are specified for both local banks and foreign banks that wish to open branches in the Kingdom, he said.

The central bank will call for public opinion soon on the fifth update of opening bank accounts, as well as operating them in commercial banks, he added.