Saudi Arabia's STC Pay Wins SAMA Approval to Begin Transition to STC Bank

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.