CAIRO- The Saudi cabinet has approved the licensing of a third digital bank, called D360 Bank, with a capital of 1.65 billion riyals ($440 million), the central bank said on Tuesday.

The kingdom's sovereign Public Investment Fund is part of the consortium of companies and investors launching the new lender, it said in a statement.

The two other digital banks, STC Bank and Saudi Digital Bank, were licensed last year.

The creation of digital banks in the kingdom is part of a financial development program contained in a massive reform programme known as Saudi Vision 2030.

(Reporting by Moataz Mohamed and Lilian Wagdy, writing by Maher Chmaytelli) ((Maher.Chmaytelli@thomsonreuters.com;))