Qatar National Bank (QNB), the largest lender in the Middle East and Africa by assets, has officially received approval from the Saudi Central Bank to launch its new digital banking arm, Ezbank. This strategic move marks a significant expansion for the Qatari financial institution into the Kingdom’s rapidly evolving fintech landscape.
A SAR 2.5 Billion Foray into Saudi Fintech
Ezbank is set to enter the Saudi market with a substantial capital of SAR 2.5 billion ($667 million), as disclosed in a statement to the Qatari stock exchange. The new digital lender is a collaborative venture between QNB and Ajlan & Bros Holding, a prominent Saudi investment holding company. This partnership combines QNB’s extensive banking expertise with local market insights, positioning Ezbank for a strong debut in Saudi Arabia.
Tapping into a Thriving Digital Market
The launch of Ezbank brings the total number of licensed banks in Saudi Arabia to 39, comprising 15 local and 24 foreign banks. The entry comes at a pivotal time, as the digital banking market in the Middle East is on a steep growth trajectory. According to a report by Mobility Foresights, the market is projected to expand from $12.5 billion in 2025 to $38.7 billion by 2031, reflecting a compound annual growth rate of 20.5%. Ezbank’s establishment is poised to capitalize on this significant digital transformation across the region.
About Ezbank
Ezbank is the new digital bank and a subsidiary of the Qatar National Bank (QNB) Group. Launched in collaboration with Saudi’s Ajlan & Bros Holding, it has been licensed by the Saudi Central Bank to offer digital banking services within the Kingdom. QNB Group, its parent company, is the largest financial institution in the Middle East and Africa, with operations in over 28 countries across three continents.
Source: AGBI
