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# Saudi Arabia's STC Pay Wins SAMA Approval to Begin Transition to STC Bank
- URL: https://www.theglobalbanker.com/saudi-arabia-stc-pay-sama-approval-convert-full-digital-bank/
- Published: 2024-04-05T18:01:00.000Z
- Updated: 2026-10-02T14:46:19.000Z
- Description: SAMA has approved the next phase of STC Pay's transformation into STC Bank, starting with a beta launch for preselected customers ahead of a full public launch later in 2024.
- Author: TGB Editorial Team
- Tags: Fintech, MENA, #archive

The Saudi Central Bank has given STC Pay formal approval to move to the next phase of its transformation into STC Bank, a fully licensed digital bank, starting with a beta launch for preselected customers ahead of a full public launch later in the year. STC Pay is the fintech subsidiary of Saudi Telecom Company. 

STC Pay launched in 2018\. 

#### LICENCE BACKGROUND

The Saudi Cabinet authorised STC Bank's licence in June 2021.