The guidelines are part of Saudi Arabia’s efforts to build out a regulatory framework for an innovation-based financial technology ecosystem.

On 24 February 2020, the Saudi Arabian Monetary Authority (SAMA) issued additional licensing guidelines and criteria for digital-only banks in Saudi Arabia (the Guidelines).

Digital-only banks conduct business mainly through digital channels such as the internet and mobile applications. The Guidelines are applicable to digital-only banks and are cumulative to SAMA’s Banking Licensing Guidelines and Minimum Criteria published on its website.