Following the successful completion of its pilot phase, STC Bank has received a non-objection from the Saudi Central Bank (SAMA), allowing it to officially launch as a digital bank in Saudi Arabia.
In 2021, stc Group was granted a digital banking services license with a capital of SAR 2.5 billion while in April, 2024, SAMA granted the company an experimental launch permit for STC Bank.
Innovative Financial Services
The digital bank’s launch, which serves both individuals and businesses, is a result of the success achieved by its predecessor, the digital wallet, stc pay. It also represents a significant milestone in the Kingdom's digital transformation journey towards the adoption of digital banking services within the financial sector.
Saudi Arabia is seeing growing adoption in innovative financial services, with net interest income in the digital banks market forecast to reach USD 8.25 billion this year.
Transition from Digital Wallet to Digital Bank
Nizar Altwaijri, CEO at STC Bank, stated, “We are proud to officially launch as a digital bank operating under the supervision and regulation of the Saudi Central Bank (SAMA), and to provide financial solutions that elevate banking services for individuals and [the] business sector, as part of the Kingdom’s digital transformation efforts, under the framework of Vision 2030.”
He added, “STC Bank will continuously adhere to regulations related to banking operations, data security, and customer privacy, while remaining committed to maintaining the highest standards of transparency and accountability in all its operations.”
Active stc pay users can seamlessly upgrade their wallets to bank accounts without affecting their current balances, transaction history, or data. This upgrade process occurs within the app by providing the necessary information.
The official STC Bank application serves as a secure platform, ensuring the transition is free from any fraudulent activities. New customers can also register via the STC Bank app and follow straightforward steps to open their bank accounts.
STC Bank offers a suite of Sharia-compliant financial services approved by its Sharia Board. Customers will enjoy access to diverse local and international payment methods, along with comprehensive banking solutions.
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