Vision Bank is the third digital bank to get Sama’s approval

Another digital bank gets the go-ahead: Vision Bank secured a non-objection from the Saudi Central Bank (Sama) to kick off its full digital banking operations in the Kingdom, Sama said in a statement. The approval allows the bank to provide its full range of services, transitioning from the pilot phase that had been ongoing since January.

About the bank: Formerly known as Saudi Digital Bank, the shariah-compliant bank wasestablished in 2021 as a closed joint-stock company with a capital of SAR 1.5 bn. It was founded by a consortium of undisclosed companies led by Abdulrahman bin Saad Al Rashed & Sons (Artar). Almoammar Information Systems is also among the shareholders, holding a SAR 25 mn stake, according to a 2023 financial statement (pdf).

Joining the roster: The bank is the third digital bank that gets Sama’s green light to operate in the Kingdom, following STC Bank in January and D360 Bank in December 2024.

No “light-touch”: The Kingdom’s regulations treat digital banks as full banks, subject to the same prudential requirements as physical banks, including capital and liquidity, governance, and risk requirements. Digital banks must also be locally incorporated and keep their head office on Saudi soil and need to meet additional requirements related to cybersecurity and data protection.