Design of a new Digital Bank in the Kingdom of Saudi Arabia

Industry: Banking

Jurisdiction: MENA

Stage: Start-Up

Activity: Design

Services Provided: Product Design, Technology Implementation, Operating Model Design, Risk and Compliance Readiness, Regulatory Readiness

Summary: We partnered with a new digital bank in the Kingdom of Saudi Arabia, currently navigating its licensing and development phase. Our role includes identifying key vendors for essential product features and securing approvals from both internal (board) and external (SAMA) stakeholders. The project is ongoing, with the digital bank on track to receive the necessary approval from SAMA for a successful launch.

Key Outcomes:

• Served as interim executive team members, supporting the CEO in raising $400 million in capital.

• Led the design of key operational areas, including Customer Onboarding, KYC processes, Fraud Management, AML Monitoring, and Customer Servicing.

• Spearheaded the risk and control work-stream, developing risk registers and implementing relevant controls.

• Oversaw the operationalisation and Sharia compliance implementation for the bank.

• Conducted independent reviews and approvals of controls, policies, and procedures, addressing over 700 regulatory questions for SAMA go-live approval.

• Facilitated the creation of the bank's purpose, vision, mission, and strategy.

• Led the hiring and onboarding of the Operations team.