Saudi Arabia’s central bank, SAMA (Saudi Arabian Monetary Authority), has approved the establishment of a new digital bank dubbed EZ Bank with an initial capital injection of approximately USD 667 million (SAR 2.5 billion).
This marks the 39th licensed banking institution in the Kingdom, comprising 15 domestic banks and 24 foreign bank branches. The license underscores SAMA’s push to modernize the financial sector and diversify access through digital channels.
Partnership & Market Positioning
EZ Bank is being formed as a joint venture between Ajlan & Bros Holding Group and Qatar National Bank, further building on their existing collaboration to expand digital finance in Saudi Arabia. In 2022, QNB and Ajlan & Bros entered into a strategic agreement to grow digital banking presence in the Kingdom.
The institution will operate as a retail digital bank, focusing on delivering banking services primarily via digital and electronic channels rather than traditional branch networks.
Alignment with Vision 2030 & Financial Innovation
The launch supports Saudi’s Vision 2030 and the Financial Sector Development Program, which emphasize innovation, financial inclusion, and shifting customers toward digital experiences.
Go deeper on GCC & Africa tech — $9.99/month.
Deep dives and investor insights the free digest doesn't cover.
The move also reflects SAMA’s strategy to open the competitive landscape for digital-only and neobanking entrants, a trend already in motion, as seen with the approval and launch of digital banks such as D360.
SAMA’s past licensing guidelines for digital-only banks mandate that applicants maintain headquarters in Saudi Arabia, comply with governance and risk control frameworks, and ensure technology resilience and cybersecurity.
Implications for Saudi & MENA Banking
The approval of EZ Bank adds to the momentum in Saudi Arabia’s digital banking evolution. The presence of a well-capitalised, locally anchored digital player may accelerate competition in retail banking, push incumbents to innovate, and widen consumer access to modern financial tools.
For the wider MENA region, EZ Bank’s emergence reinforces how Gulf markets are becoming beacons for neobank growth and fintech-led financial inclusion. It signals to local and regional fintechs that regulatory bodies are increasingly open to granting operational mandates for fully digital banking models, provided they meet governance, security, and operational thresholds.
Engagement
