SAMA approves beta launch of STC Bank

Logo of STC Bank

stc Pay announced today, April 4, that it obtained approval from the Saudi Central Bank (SAMA) for the beta launch of STC Bank.

The beta launch is limited to pre-selected customers and is in preparation for a full public launch later in the year, the company said in a statement.

This beta launch will enable selected users to upgrade their accounts from the 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 while ensuring the utmost security and customer protection through cutting-edge financial technologies. 

STC Bank will be a significant addition to the Saudi banking sector by offering traditional banking services through a customer-centric digital approach.

stc Pay was established in 2018 and is a Saudi financial services company wholly owned by telecom major stc, according to data available with Argaam. It provides digital banking services to both corporate and consumer sectors.

In June 2021, the Cabinet approved the Minister of Finance to issue the necessary license for STC Bank.