Vision Bank launches digital banking app in Saudi Arabia
Vision Bank, which claims to be the first Sharia-compliant digital bank in Saudi Arabia, has launched its mobile app after two years in development.
Vision Bank launches mobile app in Saudi Arabia
Announcing the launch via LinkedIn, Shajer Sial, head of enterprise risk management at Vision Bank, writes: “This momentous achievement represents the culmination of over two years of relentless dedication, innovation, and collaboration.
“Our vision to transform banking with unprecedented simplicity, intelligence, and seamless integration has finally come to fruition.”
The app is now live on the Google Play and Apple stores, but is currently available to customers on an invite-only basis.
Based in Riyadh, Vision Bank was founded in 2018 by Jazza Al Sari, a corporate banking veteran whose previous experience extends to head of business banking at Saudi Hollandi Bank, and head of SME at Banque Saudi Fransi, among others.
The delivery of the bank’s app follows an application lodged with the Saudi Central Bank (SAMA) for a digital banking licence in September 2019.
The licence was eventually granted by the authority just less than two years later, in a move viewed as a position progression of the Kingdom’s Vision 2030 programme, which prioritises digital diversification as a core pillar.
Further details regarding Vision Bank’s activities, or the remit contained within its newly-launched mobile app, remain limited, and Al Sari did not return FinTech Futures‘ request for comment at this time.
Elsewhere across the Kingdom, Saudi National Bank (SNB) announced earlier this month that it is developing a new mobile banking brand called NEO which, powered by Backbase, will feature a multi-currency debit card, rewards programme, and cashback initiatives at launch.
