stc pay obtains SAMA approval for transition to STC Bank

By Delisha Fernandes

stc 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.