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stc pay Gets SAMA Approval for Transition to STC Bank

The beta launch enables selected users to upgrade their accounts from an stc pay digital wallet to an STC Bank account. stc pay website
The beta launch enables selected users to upgrade their accounts from an stc pay digital wallet to an STC Bank account. stc pay website
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stc pay Gets SAMA Approval for Transition to STC Bank

The beta launch enables selected users to upgrade their accounts from an stc pay digital wallet to an STC Bank account. stc pay website
The beta launch enables selected users to upgrade their accounts from an stc pay digital wallet to an STC Bank account. stc pay website

The Kingdom’s leading mobile wallet, stc pay, has been given formal approval by the Saudi Central Bank (SAMA) to move to the next phase of its transformation journey into STC Bank.

The beta launch is limited to preselected customers and is a preparation for a full public launch later in the year, stc pay said in a statement on Thursday.
According to the statement, the new step affirms SAMA’s commitment to playing “a pivotal role in digital transformation and empowerment.”

The beta launch enables selected users to upgrade their accounts from an stc pay digital wallet to an STC Bank account. Customers will be provided with an STC Bank International Bank Account Number (IBAN) and get additional banking services.

STC Bank aims to provide Sharia-compliant banking services and financial solutions whilst ensuring “the utmost security and customer protection through the utilization of cutting-edge financial technologies,” the statement said.

It added that the bank will be “a significant addition to the Saudi banking sector” by offering traditional banking services through a customer-centric digital approach.

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Gold Edges Up on Softer Dollar; Focus on US Inflation Data

Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
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Gold Edges Up on Softer Dollar; Focus on US Inflation Data

Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo
Gold bullions are displayed at GoldSilver Central's office in Singapore June 19, 2017. REUTERS/Edgar Su/File Photo

Gold prices inched up on Wednesday as the US dollar eased, while investors' focus shifted to key inflation data from the world's biggest economy for cues on the likely scale of a Federal Reserve rate cut next month.
Spot gold rose 0.3% to $2,639.30 per ounce, as of 0523 GMT. Bullion hit an over one-week low on Tuesday.
US gold futures rose 0.7% to $2,639.40.
The dollar index was down 0.1%, boosting gold's appeal for holders of other currencies. The greenback fell to a near one-week low on Tuesday.
"Gold has been fluctuating alongside dollar volatility. However, in the Asian session, the price movement has been marginal," said Kyle Rodda, financial market analyst at Capital.com.
"In the long run, I think Trump's trade war may be positive for gold because of higher debt loads and a touch of dedollarization," Rodda said.
Investors digested a handful of economic data on Tuesday indicating the economy remained on solid footing.
Traders will now closely monitor core PCE figures, initial jobless claims and GDP (first revision), set for release later in the day.
Markets currently see a 63% chance of a 25-basis-point rate cut by the Fed in December, as per the CME group's FedWatch tool.
Trump's appointments and policies that pressure the Fed, increase deficits, escalate tariffs, or raise concerns about US financial sustainability could collectively support gold prices, said Daan Struyven, co-head of global commodities research at Goldman Sachs.
Elsewhere, China's net gold imports via Hong Kong in October fell from September and were down 43% from the previous year, data showed.
On the geopolitical front, US-France brokered ceasefire between Israel and Iran-backed group Hezbollah took effect at 0200 GMT on Wednesday.
Spot silver edged 0.2% higher to $30.47 per ounce, platinum fell 0.1% to $926.74 and palladium added 0.3% to $980.55