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JEDDAH: Saudi banking and financial experts have welcomed the Saudi Cabinet’s decision on Tuesday to approve the licensing of the first two local digital banks in the Kingdom STC Bank and Saudi Digital Bank.
STC Bank will be created from the conversion of STC Pay into a digital lender with paid-up capital of SR2.5 billion ($670 million), having received an investment of SR750 million from Western Union for a 15 percent stake.
Saudi Digital Bank will have paid-up capital of SR1.5 billion and will include Al Moammar Information Systems Co. (MIS) and other investors. MIS shares soared on Wednesday by 9.95 percent on the back of the news.
However, the ever-changing COVID-19 measures in different countries could still cause problems, even for vaccinated Saudi travelers.
One concern is the potential extra costs involved as some countries may require visitors to quarantine upon arrival.
Some young Saudis say they would prefer to stay at home this summer. Twenty-five-year-old Ali Hussain feared spending his entire vacation in quarantine: “Your vacation is a limited number of days to begin with, and such sudden measures are a hindrance.”
He said international destinations keep changing their rules, from the quarantining conditions to the PCR tests required upon arrival, which can upset travel plans completely.
Following the announcement, the ministry warned Saudis to exercise caution and follow guidelines when traveling.
The ministry on Sunday said that citizens who are fully vaccinated or have received the first dose at least 14 days before departure will be allowed to travel. Based on health information provided on the Tawakkalna app, citizens who have been infected must have recovered at least six months prior to travel.
Children between the ages eight and 18 are exempt from the vaccination rule, but must present travel insurance from the Saudi Central Bank (SAMA) that will ensure COVID-19 medical care.
The lifting of the ban is a welcome move and will help the tourism industry and travel agencies across the Kingdom.
RIYADH: Saudi Arabia-listed banks reported a 14 percent rise in aggregate net profit before Zakat and tax to the tune of SR 4.02 billion in March 2021 as against SR 3.53 billion a year earlier, according to data from the Saudi Central Bank (SAMA). The data covers 11 listed banks and some foreign banks operating in the Kingdom. Banks aggregate assets grew by over 11 percent year on year (YoY) to SR 3.035 trillion in March, combined deposits increased by 9 percent YoY to SR 1.980 trillion in the same month, whereas loans to the private sector saw an increase of 15 percent YoY to around SR 1.871 trillion by the end of March, financial news portal Argaam reported.