RIYADH: Derayah Financial Co. owns nearly 20 percent of D360, the PIF-backed local digital bank, the company’s CEO told Argaam on the sidelines of the Saudi Capital Market Forum.
The Saudi Cabinet had approved the license for D360 Bank to be established with a capital of SR1.65 billion ($440 million) in February earlier this year.
Derayah is seeking to expand its current business portfolio to cover retail banking solutions after it launched wealth management and securities trading activities, said Mohammed Al-Shammasi.
With the planned introduction of single-stock futures trading in Saudi Arabia, Al-Shammasi stressed the importance of such a transition in enhancing the capital market.
