Saudi Central Bank approves stc pay transition to STC Bank
RIYADH, April 4, 2024
In a significant move, Saudi Arabia's leading mobile wallet, stc pay, has received approval from the Saudi Central Bank (SAMA) to proceed with its transformation into STC Bank, thus entering into its next phase of its transformation journey into STC Bank.
This beta launch is limited to preselected customers and is a preparation for a full public launch later in the year. It will enable selected users to upgrade their accounts from an stc pay digital wallet into an STC Bank account.
Announcing this today (April 4), stc pay said it will also be provided an International Bank Account Number and additional banking services.
With this upgrade, the subsidiary of stc Group will provide shariah-compliant banking services and financial solutions while ensuring the utmost security and customer protection through cutting-edge financial technologies.
This beta launch is limited to preselected customers and is a preparation for a full public launch later in the year.
This step is supported by SAMA, affirming its commitment to playing a pivotal role in digital transformation and empowerment, thus contributing to the ambitious goals of Vision 2030 to transition towards a cashless society by increasing the share of digital financial transactions.
"This beta launch will enable selected users to upgrade their accounts from an stc pay digital wallet into an STC Bank account. Customers will be provided with an STC Bank International Bank Account Number (IBAN) and get additional banking services," said a spokesman.
"This move aligns with the Kingdom’s broader fintech strategy and the goal of establishing the country as a global hub for financial technology and innovation," he stated.
The digital wallet’s transition into STC Bank will be a significant addition to the Saudi banking sector, he added.
Founded in October 2018, stc pay became the first licensed fintech company by SAMA. Since then, it has become the region’s biggest digital wallet giving access to financial services to over 12 million customers through its mobile first approach.-TradeArabia News Service
