Fintech company stc pay has received formal approval from the Saudi Central Bank (SAMA) to begin a beta launch of STC Bank.
The launch will be limited to preselected customers with plans for a broader public rollout later this year. It means selected users will be able to upgrade their accounts from an stc pay digital wallet into an STC Bank account while customers will be provided with an STC Bank International Bank Account Number (IBAN) and get additional banking services.
STC Bank is aiming to provide Sharia-compliant banking services and financial solutions and will be a significant addition to the Saudi banking sector.
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.
It has also been making moves elsewhere. In February, stc pay partnered with the Electricity and Water Authority (EWA) in Bahrain to launch a new in-app payment feature for utility bills.
The company recently obtained a “SAMA” licence for the transformation into a full-fledged digital bank. The move aligns with Saudi’s fintech strategy under the financial sector development programme which aims to establish the Kingdom as a global hub for financial technology and innovation in technology-based financial services.
