Latest news with #D360Bank
Web Release
27-05-2025
- Business
- Web Release
D360 Bank Welcomes One Million Customers in Four Months
D360 Bank, the innovative Saudi Shariah-compliant digital bank, has announced that it has reached more than one million customers within the first four months of its official launch, setting a new global benchmark in digital banking adoption. This milestone underscores the growing demand for seamless and secure digital financial solutions in Saudi Arabia. Since beginning operations, D360 Bank customers have conducted over 51 million transactions across more than 100 countries, with a total transaction volume exceeding SAR 50 billion (USD 13.3 billion). This milestone was made possible through the support of the Public Investment Fund (PIF), Derayah Financial, and a number of prominent investors and financial experts. Further strengthening the bank's position as a leading digital banking institution in Saudi Arabia. Commenting on the achievement, Mr. Taha Abdullah Al-Kuwaiz, Chairman of D360 Bank, expressed his pride, stating: 'D360 Bank is proud to lead the charge in reimagining digital banking. This one million customer milestone reflects the trust placed in us by customers and partners. Our mission is to lead in financial innovation, promote inclusion, and help realize the goals of Vision 2030 by delivering modern, Shariah-compliant services at scale.' D360 Bank offers an intuitive digital banking experience, enabling customers to open an account in two minutes and access personalized financial services designed to meet their individual needs. With a fully integrated digital banking model powered by cutting-edge financial technologies, customers can manage their finances anytime, anywhere. Through the D360 Bank app, users can easily make fast, fee-free international payments, pay bills, and transfer money, while benefiting from the highest levels of transparency and security. The bank has also introduced a range of core services, including Banking-as-a-Service (BaaS) infrastructure, now live with three external clients, and the newly launched Sanabil Savings Account, the Shariah-compliant savings product in Saudi Arabia to calculate and deposit profits daily, offering expected annual returns of up to 2%. 'Our growth trajectory is clear. Saudi consumers are ready for a seamless, digital-first banking experience,' said Eze Szafir, CEO of D360 Bank. 'We've built the infrastructure to scale quickly, securely, and in full alignment with regulatory requirements. This is just the beginning.' Source: AETOSWire
Business Wire
26-05-2025
- Business
- Business Wire
D360 Bank Welcomes One Million Customers in Four Months
RIYADH, Saudi Arabia--(BUSINESS WIRE)--D360 Bank, the innovative Saudi Shariah-compliant digital bank, has announced that it has reached more than one million customers within the first four months of its official launch, setting a new global benchmark in digital banking adoption. This milestone underscores the growing demand for seamless and secure digital financial solutions in Saudi Arabia. Since beginning operations, D360 Bank customers have conducted over 51 million transactions across more than 100 countries, with a total transaction volume exceeding SAR 50 billion (USD 13.3 billion). This milestone was made possible through the support of the Public Investment Fund (PIF), Derayah Financial, and a number of prominent investors and financial experts. Further strengthening the bank's position as a leading digital banking institution in Saudi Arabia. Commenting on the achievement, Mr. Taha Abdullah Al-Kuwaiz, Chairman of D360 Bank, expressed his pride, stating: 'D360 Bank is proud to lead the charge in reimagining digital banking. This one million customer milestone reflects the trust placed in us by customers and partners. Our mission is to lead in financial innovation, promote inclusion, and help realize the goals of Vision 2030 by delivering modern, Shariah-compliant services at scale.' D360 Bank offers an intuitive digital banking experience, enabling customers to open an account in two minutes and access personalized financial services designed to meet their individual needs. With a fully integrated digital banking model powered by cutting-edge financial technologies, customers can manage their finances anytime, anywhere. Through the D360 Bank app, users can easily make fast, fee-free international payments, pay bills, and transfer money, while benefiting from the highest levels of transparency and security. The bank has also introduced a range of core services, including Banking-as-a-Service (BaaS) infrastructure, now live with three external clients, and the newly launched Sanabil Savings Account, the Shariah-compliant savings product in Saudi Arabia to calculate and deposit profits daily, offering expected annual returns of up to 2%. 'Our growth trajectory is clear. Saudi consumers are ready for a seamless, digital-first banking experience,' said Eze Szafir, CEO of D360 Bank. 'We've built the infrastructure to scale quickly, securely, and in full alignment with regulatory requirements. This is just the beginning.'
Yahoo
26-05-2025
- Business
- Yahoo
D360 Bank Welcomes One Million Customers in Four Months
Redefining Digital Banking in Saudi Arabia with Speed, Scale, and Innovation RIYADH, Saudi Arabia, May 26, 2025--(BUSINESS WIRE)--D360 Bank, the innovative Saudi Shariah-compliant digital bank, has announced that it has reached more than one million customers within the first four months of its official launch, setting a new global benchmark in digital banking adoption. This milestone underscores the growing demand for seamless and secure digital financial solutions in Saudi Arabia. Since beginning operations, D360 Bank customers have conducted over 51 million transactions across more than 100 countries, with a total transaction volume exceeding SAR 50 billion (USD 13.3 billion). This milestone was made possible through the support of the Public Investment Fund (PIF), Derayah Financial, and a number of prominent investors and financial experts. Further strengthening the bank's position as a leading digital banking institution in Saudi Arabia. Commenting on the achievement, Mr. Taha Abdullah Al-Kuwaiz, Chairman of D360 Bank, expressed his pride, stating: "D360 Bank is proud to lead the charge in reimagining digital banking. This one million customer milestone reflects the trust placed in us by customers and partners. Our mission is to lead in financial innovation, promote inclusion, and help realize the goals of Vision 2030 by delivering modern, Shariah-compliant services at scale." D360 Bank offers an intuitive digital banking experience, enabling customers to open an account in two minutes and access personalized financial services designed to meet their individual needs. With a fully integrated digital banking model powered by cutting-edge financial technologies, customers can manage their finances anytime, anywhere. Through the D360 Bank app, users can easily make fast, fee-free international payments, pay bills, and transfer money, while benefiting from the highest levels of transparency and security. The bank has also introduced a range of core services, including Banking-as-a-Service (BaaS) infrastructure, now live with three external clients, and the newly launched Sanabil Savings Account, the Shariah-compliant savings product in Saudi Arabia to calculate and deposit profits daily, offering expected annual returns of up to 2%. "Our growth trajectory is clear. Saudi consumers are ready for a seamless, digital-first banking experience," said Eze Szafir, CEO of D360 Bank. "We've built the infrastructure to scale quickly, securely, and in full alignment with regulatory requirements. This is just the beginning." Source: AETOSWire View source version on Contacts Dania KoujanHead of Media Department press@ Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Zawya
25-05-2025
- Business
- Zawya
D360 Bank welcomes one million customers in four months
D360 Bank, the innovative Saudi Shariah-compliant digital bank, has announced that it has reached more than one million customers within the first four months of its official launch, setting a new global benchmark in digital banking adoption. This milestone underscores the growing demand for seamless and secure digital financial solutions in Saudi Arabia. Since beginning operations, D360 Bank customers have conducted over 51 million transactions across more than 100 countries, with a total transaction volume exceeding SAR 50 billion (USD 13.3 billion). This milestone was made possible through the support of the Public Investment Fund (PIF), Derayah Financial, and a number of prominent investors and financial experts. Further strengthening the bank's position as a leading digital banking institution in Saudi Arabia. Commenting on the achievement, Mr. Taha Abdullah Al-Kuwaiz, Chairman of D360 Bank, expressed his pride, stating: 'D360 Bank is proud to lead the charge in reimagining digital banking. This one million customer milestone reflects the trust placed in us by customers and partners. Our mission is to lead in financial innovation, promote inclusion, and help realize the goals of Vision 2030 by delivering modern, Shariah-compliant services at scale.' D360 Bank offers an intuitive digital banking experience, enabling customers to open an account in two minutes and access personalized financial services designed to meet their individual needs. With a fully integrated digital banking model powered by cutting-edge financial technologies, customers can manage their finances anytime, anywhere. Through the D360 Bank app, users can easily make fast, fee-free international payments, pay bills, and transfer money, while benefiting from the highest levels of transparency and security. The bank has also introduced a range of core services, including Banking-as-a-Service (BaaS) infrastructure, now live with three external clients, and the newly launched Sanabil Savings Account, the Shariah-compliant savings product in Saudi Arabia to calculate and deposit profits daily, offering expected annual returns of up to 2%. 'Our growth trajectory is clear. Saudi consumers are ready for a seamless, digital-first banking experience,' said Eze Szafir, CEO of D360 Bank. 'We've built the infrastructure to scale quickly, securely, and in full alignment with regulatory requirements. This is just the beginning.' Szafir added that customers collectively saved SAR 66 million (USD 17.6 million) in foreign exchange spreads and SAR 81 million (USD 21.6 million) in local and international transfer fees compared to traditional banks. Saudi Arabia is leading the way in financial innovation with an advanced digital banking ecosystem that is expanding the reach of traditional financial services, boosting financial inclusion, and enhancing the competitiveness of the Saudi economy in line with the Financial Sector Development Program. In 2024, digital transactions accounted for 79% of retail transactions in the Kingdom, indicating a move toward a cashless society. Fintech is projected to contribute SAR 13.3 billion (USD 3.5 billion) to the GDP by 2030, supported by a robust technological infrastructure and a regulatory environment that encourages innovation and investment. About D360 Bank D360 Bank is a fully Saudi digital, Shariah-compliant bank backed by PIF, Derayah Financial, and several renowned investors and financial experts. Its mission is to provide inclusive, Shariah-compliant financial services to retail customers by leveraging advanced technology and data, all in full compliance with local regulations. With a team of experienced local and international experts, D360 Bank aims to expand access to credit, enhance financial inclusion, and support Saudi Arabia's economic growth in line with Vision 2030.
Argaam
18-05-2025
- Business
- Argaam
Derayah Financial's AUM rise 5% in Q1 2025
Derayah Financial Co. 's assets under management (AUM) rose by 5% to SAR 18.1 billion during the first quarter of 2025, despite market headwinds. Further, assets under custody grew by over 20%, reaching SAR 36 billion by the end of the three-month period, said CEO Mohammed AlShammasi. In a meeting with analysts and investors to discuss Q1 2025 financial results, AlShammasi confirmed that the number of clients exceeded 555,000, emphasizing the continued strong momentum in the services and products segment, paired with the company's success in achieving its initiative targets. Meanwhile, the decline in performance fee revenues during Q1 2025 was due to weak market performance and returns, compared to the same quarter last year, said the top executive, noting that efforts are underway to offset this drop in the second half of 2025 through launching new investment products and boosting the value of AUM. The CEO also pointed to Derayah Financial's rollout of several technology initiatives during the first three months of 2025, most notably the relaunch of the Derayah Smart app, which targets amateur individual investors. The app's investment performance was among the best in the market, he added. AlShammasi further stated that the final regulatory approvals are being sought for the Saudi-listed company's algorithmic trading platform, which was successfully tested in May and is expected to be officially launched soon. As for cooperation with D360 Bank, the CEO highlighted ongoing integration efforts, including linking cash accounts and providing banking products such as credit cards and loans to Derayah Financial's clients. This is in exchange for investment solutions like robo-advisory and savings plans for bank customers, with the aim to offer a comprehensive digital financial experience. For his part, CFO Bilal Bushnaq said client assets reached an all-time high of about SAR 55 billion, expecting this uptrend to continue through the second quarter of this year. However, during the first quarter of 2025, Derayah Financial witnessed higher operating expenses after accounting for an employee incentive program worth SAR 8.5 million. This is a long-term program, the accounting impact of which will be felt until full maturity, estimated at SAR 10 million per quarter. An actual cash impact, meanwhile, will not materialize and not affect company's investor obligations, according to Bushnaq. The CFO also noted that the brokerage segment saw a 6% year-on-year (YoY) hike in the first-quarter revenues, backed by ongoing enhancements to digital platforms and the expansion of the active client base, despite a 16% YoY decline in trading values during the quarter. As for financing products, he revealed that Derayah Financial completed the pilot phase of its equity lending and borrowing product in Q1 2025, presented to a limited group of clients. The official launch is anticipated in July 2025, pending regulatory approvals. He added that revenues from brokerage and private commissions remain on track. On the other hand, the pullback in asset management was attributed to global market performance during the first quarter, especially due to the impact of the trade war and market value volatility, which weighed on performance fees. Elsewhere, the brokerage performance remained strong, as the 40% contraction in the local market's trading volume led to a slight slowdown of 16% in trading activity on Derayah Financial's platforms, reflecting the resilience of the infrastructure and its ability to meet investor needs locally and internationally. The asset management segment recorded growth in fixed fee revenues, attracting nearly SAR 1 billion in new funds during the quarter, hence underscoring investor confidence. Furthermore, Derayah Financial's capital adequacy ratio stood at 26%, compared to a regulatory requirement of 8%, giving it a margin exceeding 400% to withstand potential future risks, while maintaining high-cost management efficiency and a low cost-to-income ratio. According to Argaam 's data, Derayah Financial's Q1 2025 net profit declined 22% to SAR 106.2 million, compared to SAR 136.2 million in the same period of 2024.
