back Back

stc pay obtains SAMA approval for transition to STC Bank

By Delisha Fernandes

April 05, 2024

  • Digital Bank
  • Digital Wallet
  • Financial Sector
Share

STC Paystc pay, a mobile wallet for digital financial transactions, has received formal approval from the Saudi Central Bank (SAMA) to move to the next phase of its transformation journey into STC Bank.

This beta launch is limited to preselected customers and is a preparation for a full public launch later in the year. This step is supported by SAMA, affirming its commitment to playing a pivotal role in digital transformation and empowerment, contributing to the ambitious goals of Vision 2030 to transition towards a cashless society by increasing the share of digital financial transactions.

This beta launch will enable selected users to upgrade their accounts from an stc pay digital wallet into an STC Bank account. Customers will be provided with an STC Bank International Bank Account Number (IBAN) and get additional banking services.

STC Bank aims to provide Sharia-compliant banking services and financial solutions whilst ensuring the utmost security and customer protection through the utilization of financial technologies. STC Bank will be a significant addition to the Saudi banking sector by offering traditional banking services through a customer centric digital approach.

stc pay became the first licensed FinTech company by SAMA. The company recently obtained a “SAMA” license for the transformation into a full-fledged digital bank. This transformation aligns with the executive plan of the FinTech strategy under the financial sector development program, aiming to establish the Kingdom as a global hub for financial technology and innovation in technology-based financial services, thereby enhancing financial and economic empowerment for individuals and communities.

Previous Article

April 05, 2024

PayU & Loylty Rewardz to boost reward points-led shopping experience

Read More
Next Article

April 05, 2024

Mangopay appoints Bertrand Dezard as Head of Sales for Fraud

Read More






IBSi Daily News Analysis

UAE, money transfer

May 23, 2024

Digital Bank

By 2034, the digital remittance market is expected to reach $83.2bn, research reveals

Read More

IBSi FinTech Journal

  • Most trusted FinTech journal since 1991
  • Digital monthly issue
  • 60+ pages of research, analysis, interviews, opinions, and rankings
  • Global coverage
Subscribe Now

Other Related News

May 24, 2024

PPRO and Afterpay team to bring BNPL solution to US consumers

Read More

May 24, 2024

Boodil launches innovative Travel Payments Platform

Read More

May 24, 2024

heymax & Visa team to simplify Credit Card rewards experience

Read More

Related Reports

Sales League Table Report 2023
Know More
Global Digital Banking Vendor & Landscape Report Q1 2024
Global Digital Banking Vendor & Landscape Report Q1 2024
Know More
Wealth Management & Private Banking Systems Report Q1 2024
Wealth Management & Private Banking Systems Report Q1 2024
Know More
IBSi Spectrum Report: Supply Chain Finance Platforms Q4 2023
Know More
Treasury & Capital Markets Systems Report Q1 2024
Know More

IBSi Sales League Table

The industry acknowledged barometer of global banking technology vendor performance!
Get your copy now!
close-link
Get your copy now! IBSi Sales League Table 2023