Riyadh – Mubasher: The Saudi General Authority for Small and Medium Enterprises (Monshaat) launched the Small and Medium-Sized Enterprises (SMEs) Bank as an affiliate to the National Development Fund (NDF).
The new SMEs bank aims to increase the financings provided to the SME sector, fill financing gaps, and enhance contributions of financial establishments to provide innovative financing solutions, Saudi Press Agency (SPA) said.
Moreover, it seeks to achieve financial stability of this vital sector to become a key pillar for economic development in Saudi Arabia and an enabler for the realisation of Vision 2030.
The branchless bank will provide all of its services digitally, contributing to the delivery of services to all promising regions. In addition, it focuses on applying the best international practices in cooperation with local and global partners to build an appropriate product portfolio for every SME segment.
On Tuesday, the Saudi cabinet approved the establishment of a bank for SMEs.
