The Saudi Central Bank (SAMA) has granted STC Bank, a subsidiary of Saudi Telecom Company (stc Group), approval to commence digital banking operations in the kingdom. This transition from its previous role as a digital wallet provider, stc pay, enables STC Bank to offer comprehensive online financial services, including account management, bill payments, salary deposits, and fund transfers.
In 2021, stc pay was granted a digital banking services license with a capital of SAR 2.5 billion.
The Saudi Arabian digital banking sector is experiencing significant growth, with net interest income projected to reach $8.25 billion in 2025.
STC Bank’s entry into the market reflects the broader digitalisation trend in Saudi Arabia’s financial services industry, as the kingdom aims for 70% of domestic payments to be digital by the end of 2025.
As a licensed digital bank, STC Bank will operate under the same regulatory framework as other Saudi Arabian banks, ensuring compliance with national financial regulations.
