The Saudi Central Bank (SAMA) has approved the transformation of stc pay into STC Bank with the launch of the beta version, the company said in a statement on Thursday.
This beta launch is limited to preselected customers and is a preparation for a full public launch later in the year.
The beta launch enables selected users to upgrade their accounts from an stc pay digital wallet to an STC Bank account. Customers will receive an STC Bank International Bank Account Number (IBAN) and 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 utilisation of cutting-edge financial technologies,” the release said, adding that the bank will be “a significant addition to the Saudi banking sector” by offering traditional banking services through a customer-centric digital approach.
Founded in October 2018, stc pay became the first fintech company licensed by SAMA. Since then, it has become the region’s biggest digital wallet, giving access to financial services to over 12 million customers through its mobile-first approach.
The company recently obtained a SAMA license to become 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.
