D360 Bank Secures Approval from Saudi Central Bank for Its Official Launch
D360 Bank has secured approval from the Saudi Central Bank (SAMA) to launch its digital banking operations. This groundbreaking achievement marks a key milestone for the Kingdom’s financial ecosystem, and for the bank's vision to become by 2030 the leading digital financial platform in Saudi Arabia. The bank’s mission is to provide Shariah-compliant financial services, enabling access to credit to a wider segment of the Saudi population by applying modern technologies to serve clients and process data in compliance with regulations and guidelines. Backed by PIF, Derayah Financial, and other prominent investors, D360 Bank contributs to the digital transformation of the Saudi financial sector.
Customers can now open their digital bank account in only a few steps taking approximately two minutes. Through the D360 app, customers have access to an array of exclusive services, such as the best travel experience, using the D360 Bank card without any foreign currency exchange, the lowest fees and the fastest international transfers, paired with competitive exchange rates and no-cost local transfers. From the app, customers can also pay bills and securely send money. By leveraging data insights in compliance with regulations, D360 Bank delivers personalized financial services tailored to each customer's needs, ensuring a forward-thinking, accessible banking experience that is available 24/7 from anywhere.
Commenting on the SAMA’s approval, the Chairman of D360 Bank,Taha A. AlKuwaiz, expressed his appreciation, saying: “I am deeply grateful to the Custodian of the Two Holy Mosques, King Salman bin Abdulaziz Al Saud, and His Royal Highness Crown Prince Mohammed bin Salman for their unwavering support. I would also like to sincerely thank the Saudi Central Bank (SAMA) for its vital role in enabling and advancing the banking industry.”
AlKuwaiz continued: “The launch of D360 Bank marks a new chapter in providing innovative and comprehensive digital banking services to all segments, aligned with global digital standards, supporting financial inclusion in Saudi Arabia and aligning with the objectives of the Financial Sector Development Program, contributing to the ambitious goals of Vision 2030 and reinforcing Saudi financial sector leadership in the region and globally.”
Eze Szafir, CEO of D360 Bank, also affirmed the bank’s readiness, stating: “SAMA’s relentless support and supervision has been instrumental in our journey, and made us a better bank. Now, we are ready to begin opening accounts for our waitlisted customers. During our pre-launch phase, D360 Bank witnessed a high demand, demonstrating the remarkable progress and leadership of the Saudi banking sector regionally and globally. Today, Saudi Arabia is pioneering financial innovation with an advanced digital banking ecosystem that boosts the competitiveness of the Saudi economy, positioning it among the world’s leading financial markets.”
Szafir added, “Our customers tell us that D360 Bank is the best travel bank, providing a simple, secure digital experience at competitive exchange rates. We remain committed to delivering a fast and secure banking experience, with products and services that meet our customers' needs, backed by our cutting-edge infrastructure and technology.”
D360 Bank focuses on digital innovation to support financial inclusion in the Kingdom and to drive digital transformation within the banking sector. The bank aims to be the first choice as a Sharia-compliant digital bank, promoting flexibility and ease in banking services. This strategy aligns with the Vision 2030 objectives of developing the financial sector and enhancing reliance on financial technology. As a fully digital bank, D360 Bank has no physical branches, meaning that all banking services—from account opening to daily transactions—are conveniently, swiftly, and securely handled via the D360 Bank app.
