- Saudi Arabia licenses new digital bank EZ Bank with USD 667 million capital, bringing total banks in the Kingdom to 39.
- EZ Bank, a partnership between Ajlan & Bros and QNB, will operate in retail digital banking, expanding sector innovation.
- The launch supports Vision 2030, boosting digital banking, enhancing competitiveness, and reflecting Saudi Arabia’s strong, attractive financial sector.
EZ Bank
The Saudi Central Bank (SAMA) announces the cabinet’s approval to license a new digital bank in Saudi Arabia “EZ Bank.” The bank will launch with an approximate capital of USD 667 million (SAR 2.5B).
The license of “EZ Bank” brings the total number of licensed banks in the Kingdom to 39. This includes 15 Saudi banks and 24 foreign bank branches. This addition aims to reflect the strength, resilience, and attractiveness of Saudi’s banking sector and broader economy.
EZ Bank was established as a partnership between Ajlan & Bros Holding Group and Qatar National Bank (QNB). Furthemore,it will operate in the retail digital banking sector.
Digital Transformation
The launch of this digital bank aligns with Saudi’s Vision 2030 as part of its Financial Sector Development Program. It aims to boost innovation in banking services and expand access to advanced digital solutions. Additionally, it focuses on facilitating access to financial services through electronic channels instead of traditional branches.
The new license reflects SAMA’s strategy to open the market to more digital banks. This move aims to enhance competitiveness and improve customer experience across the sector. It also provides more diverse banking options, aligning with the global shift toward digital finance.
The Central Bank highlights that Saudi Arabia’s growing number of banks reflects the economy’s strength. Additionally, investor confidence in the regulatory and financial environment helps position the Kingdom as an attractive investment destination.Overall, digital banking licenses like this one signal continued growth and modernization in the Saudi financial sector.
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