The Kingdom of Saudi Arabia’s Public Investment Fund (PIF) has invested in the country’s new digital bank, D360, launched Tuesday, Gulf Business reports.
The Saudi cabinet validated Tuesday the license of the bank endowed with $440 million in capital.
D360 bank’s investors include a “consortium of individual and corporate investors” led by Derayah Financial Company as well as PIF.
Aside from D360, the Gulf country, Gulf Business notes, launched recently two other local digital banks as officials work to develop the financial sector under Crown Prince Mohammed bin Salman’s economic diversification plan.
The kingdom has embarked on plans to develop its financial technology sector which has witnessed a major boost during the ongoing pandemic that accelerated online shopping.
Saudi Arabia’s PIF backs new digital bank D360
