In a significant development within the Saudi Arabian financial sector, stc pay has been officially sanctioned by the Saudi Central Bank (SAMA) to progress into its next evolutionary stage as STC Bank. An announcement from the company indicated that this move is currently in a beta phase, with access provided exclusively to a select group of customers, paving the way for a broader rollout expected later this year.
The beta phase is illustrative of SAMA’s dedication to being a key player in the nation’s digital transformation and empowerment. This commitment is in line with the ambitious Vision 2030 initiative, which aims to transform Saudi Arabia into a predominantly cashless society by boosting the proportion of digital financial transactions.
During this beta stage, chosen participants will have the opportunity to elevate their existing stc pay digital wallet into a full-fledged STC Bank account, complete with an International Bank Account Number (IBAN) and a suite of additional banking services.
STC Bank is set to offer Sharia-compliant banking options and financial solutions, ensuring maximum security and customer protection by leveraging the latest in financial technology. The bank is expected to make a substantial impact on the Saudi banking landscape, providing a blend of traditional banking services with a focus on digital and customer-centric operations.
Launched in October 2018, stc pay carved out a niche as the first SAMA-licensed fintech entity. It has since grown to become the leading digital wallet in the region, serving over 12 million customers with a mobile-first strategy.
The recent license acquisition from SAMA marks stc pay’s transition into a fully operational digital bank. This shift is a strategic component of the fintech strategy within the financial sector development program, aiming to position the Kingdom as a pivotal center for financial technology and innovation in technology-based financial services. The overarching goal is to bolster financial and economic empowerment across individuals and communities.