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Eye of Riyadh
Business & Money | Monday 20 March, 2023 4:27 pm |

‘A Bank with You in Mind’ - Saudi Arabia’s Newest Digital Bank ‘D360 Bank’ to Go Live Soon

RIYADH, 20 Mar. 


D360 Bank unveiled plans at the Financial Sector Conference (FSC) held on 15 and 16 March 2023 for its imminent launch as one of the newest digital banks to operate in Saudi Arabia. 


The Chairman of the Board of D360 Bank, Mr. Taha Al Kuwaiz,  thanked the FSC members and organizers for providing D360 Bank a platform to share exciting news on the upcoming launch of the newest digital bank to open its doors to the public.   


The Chairman also shared insights into the story of how D360 Bank came into being, and how it is anchored by the prestigious Public Investment Fund and Derayah Financial. He went on to say, “Derayah Financial has successfully been established in the market for more than 15 years, as the third largest broker in the Kingdom, with currently 96-99% of our customers using digital channels. 


”D360 Bank is built on the solid foundations of a great team, outstanding market expertise and cutting-edge technology, which also underpins the competitive advantage we have as a Digital Bank, added Mr. Al Kuwaiz.


The Chairman thanked the Saudi Central Bank (SAMA), Ministry of Finance, Capital Market Authority, and Financial Sector Development Program, for promoting and enabling fintechs, which have allowed technology to play a major part in the establishment of D360 Bank, and level the playing field with big banks. 


The Chairman, further said, “the team has been working on the launch of D360 Bank for the last four years and we have a license in place, some great partners, and we see D360 Bank serving the underserved segments of banking, the Kingdom’s youth, SMEs, and B2B markets and indeed all untapped areas of banking, with a focus on banking made simple and customer-centric.”   


Mr. Mohammed Ghonaim, Acting CEO of D360 Bank, said: “With internal operations now live, D360 Bank is due to announce very soon when it will open its doors for public registration,” calling on customers to stay tuned for further announcements via the D360 Bank website.


On the sidelines of the Financial Sector Conference (FSC), Ghoneim pointed out that D360 Bank will provide various services that will make users' digital banking experience enjoyable and accessible all the time, at competitive prices.


“D360 Bank has adopted advanced technologies that rely mainly on data to effectively serve clients through Sharia-compliant products and services that meet their needs, now and in the future, in line with the Vision 2030 objectives related to digitization and support for SMEs,” Ghonaim added.


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