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Saudi Arabia to issue operating licenses to more digital banks

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Aliens

Fri, Nov 26, 2021

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Fahd Al-Mubarak, governor of the Saudi Central Bank, said at the Financial Stability Forum on Thursday that the country has the ability to switch to digital currencies.

Al-Mubarak said that the current exchange policy in the Gulf region is very similar to digital transactions. It is also largely dependent on the U.S. dollar, giving him reason to believe that a switch to digital currencies is viable at a regional level.

Earlier, Al-Mubarak stated that Saudi Arabia was seeking to establish a low-cost digital central bank. This would include both analog and digital operations to hedge the actual liquidity held by the bank. He also revealed that Saudi Arabia will issue operating licenses for more digital banks, having developed an open banking plan.

“This year, the Kingdom had issued licenses for its first digital banks - STC Bank and the Saudi Digital Bank,” he stated.

Source: Saudi Gazette

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