STC Bank, which received approval from the Saudi Central Bank (SAMA) in April 2024 to complete stc pay's transition into STC Bank, the Kingdom's first licensed digital bank, announced its participation as a Founding Partner of 24 Fintech, a new financial technology event held in Riyadh from 3 to 5 September 2024.
The bank evolved from stc pay, a mobile wallet service operated by Saudi Telecom Company. The transition brings STC Bank under SAMA's banking supervisory requirements.
FROM MOBILE WALLET TO FULLY LICENSED DIGITAL BANK
The banking licence permits STC Bank to offer a broader range of products than its prior wallet model, including savings accounts, personal financing and investment products.
At the time of the event, the bank was operating with a limited set of customers ahead of its full public launch.