STC pay moves to beta stage as STC Bank with SAMA support

79 1 STC Bank launches in Beta supported by SAMA

RIYADH, Saudi Arabia, April 4, 2024 — stc pay has obtained official approval from the Saudi Central Bank (SAMA) to embark on the next phase of its transformation into STC Bank. This beta launch, exclusive to select customers, is a preparatory step towards a full public launch later in the year. SAMA’s support for this initiative underscores its commitment to driving digital transformation and empowerment, in line with Vision 2030’s goal of fostering a cashless society by promoting digital financial transactions.

This beta launch empowers selected users to upgrade their accounts from stc pay digital wallets to STC Bank accounts. Customers will be assigned an STC Bank International Bank Account Number (IBAN) and gain access to additional banking services.

STC Bank endeavors to provide Sharia-compliant banking services and financial solutions, prioritizing the highest levels of security and customer protection through the implementation of cutting-edge financial technologies. With its customer-centric digital approach, STC Bank will offer traditional banking services, making it a significant addition to the Saudi banking sector.

Founded in October 2018, stc pay became the first fintech company to receive a license from SAMA. Since then, it has become the region’s largest digital wallet, providing financial services to over 12 million customers through its mobile-first approach. The company recently acquired a license from SAMA to transform into a fully-fledged digital bank. This transformation aligns with the fintech strategy under the financial sector development program, which aims to establish the Kingdom as a global hub for financial technology and innovation in technology-based financial services, thereby advancing financial and economic empowerment for individuals and communities.

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