stc pay has received official approval from the Saudi Central Bank (SAMA) to evolve into STC Bank. This significant milestone, marked by a beta launch initially accessible to a select group of customers, paves the way for a wider public release scheduled for later this year.
This development highlights SAMA’s commitment to facilitating digital transformation and empowerment, aligning with the objectives of Vision 2030 to foster a cashless society by augmenting the share of digital financial transactions. During the beta phase, chosen customers will have the opportunity to convert their stc pay digital wallet into a comprehensive STC Bank account, equipped with an International Bank Account Number (IBAN) and an expanded range of banking services.
STC Bank is dedicated to providing Sharia-compliant banking solutions while prioritizing security and customer protection through the utilization of advanced financial technologies. Positioned as a pivotal addition to the Saudi banking landscape, STC Bank integrates traditional banking services with a digital-first, customer-centric ethos.
Since its establishment 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 license granted by SAMA to transition into a digital bank is in line with the Kingdom’s fintech strategy, part of the financial sector development program aimed at positioning Saudi Arabia as a global fintech hub and fostering technological innovation in financial services to promote enhanced financial and economic empowerment.
