Breaking: Saudi Arabia has officially licensed EZ Bank, a fully digital bank backed by Ajlan & Bros Holding and Qatar National Bank (QNB), with a capital base of SAR 2.5 billion ($666 million).
The decision was approved by the Saudi cabinet and announced by the Saudi Central Bank (SAMA), bringing the total number of licensed banks in the Kingdom to 39. Unlike conventional banks, EZ Bank will operate without branches, relying entirely on digital platforms to serve customers.
For Riyadh, this marks another decisive step in reshaping its financial landscape. Vision 2030 calls for a shift toward a cashless economy, wider financial inclusion, and deeper fintech adoption. By allowing EZ Bank into the market, Saudi Arabia is betting that digital-first institutions can reach younger consumers, underbanked communities, and SMEs faster and more efficiently than legacy players.
Ownership is also significant. Ajlan & Bros, one of the Kingdom’s most influential conglomerates, has paired with Qatar National Bank, the largest bank in the MENA region by assets. The partnership signals cross-border cooperation at scale and ensures EZ Bank begins life with both financial muscle and regional credibility.
The bank won’t be launching into an empty market. Saudi Arabia already has a handful of licensed digital challengers. D360 Bank, backed by Derayah Financial and the Public Investment Fund, is operating as a Shariah-compliant lender. STC Bank, spun out of telecom giant STC Pay, leverages its massive customer base. Vision Bank, licensed earlier this year, is still building its presence. Together, they form a new wave of banking that lives entirely in mobile apps.
Still, the challenges ahead are clear. Digital-only banks around the world have often struggled to achieve profitability, and in Saudi Arabia, winning customer trust remains critical in a culture where face-to-face banking is still valued. Add to that the constant pressure of cybersecurity and the need to prove sustainable growth, and EZ Bank’s path won’t be easy.
Yet the timing is ideal. With smartphone penetration above 95%, a booming fintech investment scene, and regulatory momentum, Saudi Arabia is one of the few markets where digital banks could scale rapidly. For Ajlan and QNB, the launch of EZ Bank is more than a new venture — it’s a chance to help define the Kingdom’s financial future.
