Managing Director of State Trading Organization (STO) Shimad Ibrahim has said that the company has been presented with the opportunity to participate in the Development Bank established by the government in May.
In response to a question posed by a shareholder at last night's STO Annual General Meeting, Shimad said that instead of the digital bank the company was planning to establish, they have been presented to participate in the development bank instead.
He said that STO is currently working on studying whether partipating in an existing bank or establishing their own bank is in the best interests of the company.
STO sought authorization to set up a digital bank under the name 'Evolve' in September 2021. MMA made the decision to reject this application in January, 2022.
Since then, STO has not publicized any further information regarding this.