Saudi National Bank (SNB) and the Future of Digital Banking in Saudi Arabia
The Saudi National Bank (SNB) of the Kingdom of Saudi Arabia (KSA) is a major financial institution that is actively pivoting to a digital-first banking model as part of the country’s broader transformation under Saudi Vision 2030. sothebysrealty.sa+1 Background & strategic impet…
The Saudi National Bank (SNB) of the Kingdom of Saudi Arabia (KSA) is a major financial institution that is actively pivoting to a digital-first banking model as part of the country’s broader transformation under Saudi Vision 2030. sothebysrealty.sa+1
Background & strategic impetus
Under Vision 2030, the Financial Sector Development Program emphasises digitalisation of financial services, open banking, financial inclusion and fintech innovation. SNB has responded by establishing a dedicated Digital Ventures & Payments company and appointing Dr Saleh Bin Ibrahim Al-Furaih as its CEO. alahli.com
In September 2024 SNB launched “NEO” — a fully digital banking experience offering easy account opening, multi-currency cards, personal expense management, financing, and e-commerce-linked loyalty. alahli.com
What SNB is doing differently
Written by
Charlotte Reeve
Senior correspondent · Capital Markets & Fintech
Charlotte cut her teeth on an equities desk before moving to the other side of the notebook. She covers capital markets, stock exchanges, and the fintech operators trying to disintermediate the banks that trained her. Sharpest on market microstructure and payments infrastructure; still reads a prospectus for fun. Based in Singapore. Reach out at charlotte.reeve@theplatinumcapital.com.