Saudi Arabia’s Sovereign Fund Backs New Digital Bank Called D360
- Public Investment Fund ‘key investor’ in new Saudi venture
- Bank to be established with capital of around $440 million
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Saudi Arabia’s sovereign wealth fund is a key investor in a new digital bank being established in the kingdom with a capital of 1.65 billion riyals ($440 million).
The Saudi cabinet approved a license for D360 bank on Tuesday, the central bank said in a statement. The digital bank is backed by a “consortium of individual and corporate investors” led by Derayah Financial Company, while the kingdom’s Public Investment Fund is “one of its key investors,” according to the statement.