The Saudi Central Bank (SAMA) has granted regulatory approval for EZ Bank to operate as a digital banking institution in the Kingdom. The new challenger represents a joint venture between Qatar National Bank (QNB) and Ajlan and Bros Holding, a Saudi conglomerate managing over 75 companies globally.
In a statement, QNB explains that the new digital bank will deploy “mobile-first platforms, AI-driven tools, and smart risk management to make transactions easier, increase access, and support digital economy”.
The statement adds that EZ Bank will focus on delivering a “digital-first banking experience that is simple, inclusive, and secure, and to provide innovative solutions for the youth and entrepreneurs”. The challenger will commence operations with SAR 2.5 billion (approximately $667 million) in capital, although specific launch dates and service details remain undisclosed.
EZ Bank’s approval brings Saudi Arabia’s total licensed banks to 39, comprising 24 foreign branches and 15 domestic institutions. This follows SAMA’s earlier approval of STC Bank, the digital banking arm of Saudi Telecom Company, which received authorisation to provide digital banking services in February.
Beyond Saudi Arabia, EZ Bank recently secured licensing approval from Egypt’s Central Bank earlier this month, readying the institution for broader regional operations.
Source: https://www.fintechfutures.com/
