stc pay becomes STC Bank with Saudi Central Bank approval

April 04, 2024

Saudi Gazette report

stc pay has received formal approval from the Saudi Central Bank (SAMA) to progress into STC Bank. This beta launch, initially available to a select group of customers, sets the stage for a broader public rollout planned for later in the year.

This advancement underscores SAMA's dedication to facilitating digital transformation and empowerment, aligning with the Vision 2030 objectives of fostering a cashless society by enhancing the digital financial transaction share. The beta phase allows chosen customers to transition their stc pay digital wallet into a full-fledged STC Bank account, complete with an International Bank Account Number (IBAN) and an expanded suite of banking services.

STC Bank is committed to offering Sharia-compliant banking solutions, prioritizing security and customer protection by leveraging advanced financial technologies. Positioned as a pivotal addition to the Saudi banking sector, STC Bank combines traditional banking services with a digital-first, customer-centric approach.

Since its inception in October 2018 as the first fintech entity licensed by SAMA, stc pay has emerged as the largest digital wallet in the region, serving over 12 million customers. The recent SAMA license to transition into a digital bank is in line with the Kingdom's fintech strategy, part of the financial sector development program aiming to position Saudi Arabia as a global fintech hub and promote technological innovation in financial services for enhanced financial and economic empowerment.

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