D360 Bank and Fintech Saudi Plan to Develop Saudi Arabia's Fintech Sector

D360 Bank and Fintech Saudi Plan to Develop Saudi Arabia's Fintech Sector

By Press Release, 19 September 2023

D360 Bank and Fintech Saudi Arabia announced their signing of a memorandum of understanding (MoU) to enhance cooperation and create opportunities to improve and facilitate banking services, in accordance with the goals of the Kingdom’s Vision 2023 and its aspirations to enable financial technology and the development of a digital economy.

The memorandum was signed by Mr. Mohammed Ghonaim, Acting CEO of D360 Bank, and Mr. Nizar Al-Haider, General Manager of Fintech Saudi Arabia, on the sidelines of the Seamless Saudi Arabia 2023 conference and exhibition, which was held in Riyadh on September 4 and 5.

Commenting on the signing of the memorandum with Fintech Saudi Arabia, Mr. Mohammed Ghonaim confirmed that the partnership comes as part of the bank’s efforts to develop cutting-edge financial technologies in the Kingdom. He added that it enables both parties to exchange knowledge and experience to provide new products and services that meet customer aspirations and establish a framework for investment and support for emerging financial technology companies.

Echoing this sentiment, Mr. Nizar Al-Haider stressed the importance of the alliance in achieving common goals, exchanging knowledge, supporting the development and adoption of financial technology, and accelerating economic growth, with investments in the financial Fintech sector exceeding SAR 4 billion.

D360 Bank, one of the first digital banks in the Kingdom, was established with a capital of SAR 1.65 billion to provide Sharia-compliant banking services, innovate new services that suit various segments of society, and enable individuals, entrepreneurs, and SMEs to access their financial needs easily, quickly, and safely.

In addition to the MoU with Fintech Saudi Arabia, D360 Bank also witnessed immense success recently during the awards ceremony for the fourth annual Future Banks Summit 2023, which was held on September 11 and 12, 2023 at the Riyadh Marriott Hotel, where the bank won the “Rising Star Bank of KSA 2023” award.

Mr. Abdelaziz Mohammed, Executive Director of Marketing and Growth at D360 Bank, received the award, a testament to the bank’s integral role in innovating and simplifying financial services through advanced technology and digital innovation.

Mr. Abdul Aziz Mohammed pointed out that receiving such recognition alongside the bank’s active participation in the panel discussions at the summit continues to motivate them to provide an innovative banking experience that boasts speed, convenience, security, and a comprehensive customer experience.

During the summit, more than 400 experts and specialists in the banking sector reviewed the future of the financial industry in Saudi Arabia, and explored the innovative possibilities offered by digital developments. It also discussed innovations and practical case studies through interactive panel discussions designed to address long-term challenges and prepare for the future.

The bank's Chief Information and Technology Officer, Mr. Przemek Henschke, participated in a session during which he reviewed modern IT structures in the future of the banking environment, and focused on key innovations, technologies, and methodologies.

Mr. Sadeq Al-Thawab, Executive Director of Products, also participated in the digital transformation session as it is the basic platform for achieving business flexibility.


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