Cabinet nods to Finance Minister’s issuing license to EZ Bank

A view of the Cabinet meeting

The Saudi Cabinet, in its session chaired by Crown Prince Mohammed bin Salman in Riyadh today, Sept. 30, approved authorizing the Minister of Finance to issue a license to EZ Bank.

The Cabinet also approved the Tourism Development Fund’s joining as an affiliate member of the World Tourism Organization.

Additionally, the Cabinet lauded the election of the Kingdom as a member of the Board of Governors of the International Atomic Energy Agency (IAEA), which reflects the international community’s confidence in the Kingdom’s active and constructive role and its continuous efforts to strengthen joint cooperation in this field, serving global development and peace.

The Cabinet also regarded the election of Saudi Arabia as a member of the Council of the International Civil Aviation Organization (ICAO) after receiving 175 out of 184 votes as a high recognition by member states of the Kingdom’s leading role, contributions, and initiatives in this sector.

EZ Bank was established as a partnership between Ajlan & Bros Holding Group and Qatar National Bank (QNB). It operates in the retail digital banking sector.

Earlier this month, the Saudi Central Bank (SAMA) announced its non-objection for Vision Bank to commence its operations as a digital bank in the Kingdom. This came after the bank obtained the Cabinet’s approval, in June 2021, authorizing the Minister of Finance to issue the required license.

Therefore, the total number of licensed banks in Saudi Arabia reached 38, including 14 local banks, of which three are digital. In addition, there are 24 branches of foreign banks.