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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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Saudi Finance Minister: 2025 Budget Aims to Continue Expanding Strategic Spending

Al-Jadaan speaking at the press conference (Asharq Al-Awsat)
Al-Jadaan speaking at the press conference (Asharq Al-Awsat)
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Saudi Finance Minister: 2025 Budget Aims to Continue Expanding Strategic Spending

Al-Jadaan speaking at the press conference (Asharq Al-Awsat)
Al-Jadaan speaking at the press conference (Asharq Al-Awsat)

Saudi Finance Minister Mohammed Al-Jadaan outlined the objectives of the 2025 budget, emphasizing a continued focus on strategic spending for developmental projects aligned with sectoral strategies and Vision 2030 programs.
He added that the budget aims to support initiatives that deliver sustainable economic, social, and environmental benefits, while enhancing the business environment, improving the Kingdom’s trade balance, and increasing both the volume and quality of local and foreign investments.
Speaking at a press conference following the Cabinet’s approval of the budget, Al-Jadaan highlighted the government’s commitment to expansionary spending due to its positive impact on citizens. He noted that Saudi Arabia’s economy has become more resilient to fluctuations in oil markets, reflecting ongoing structural changes.
The non-oil economy is projected to grow by 3.7% by the end of 2024, he said, with non-oil activities contributing 52% to GDP during the first half of the current year.
The minister also revealed that since the launch of Vision 2030, non-oil revenues have increased by 154%. Oil’s share of GDP currently stands at 28%, and the nominal GDP has reached SAR 4.1 trillion, he remarked.

Moreover, Al-Jadaan said that private investment’s contribution to GDP has grown from 16% in 2016 to 24.7% today. The industrial sector is set to attract SAR 30 billion ($8 billion) in investments in 2025, alongside SAR 12.3 billion ($3.2 billion) in credit facilities to support Saudi exporters. Tourism has also emerged as a significant driver of economic growth, ranking as the second-largest contributor to the balance of payments after oil.
The Saudi minister emphasized the encouraging economic indicators, noting the surge in small and medium-sized enterprises driven by government spending. He reiterated the government’s cautious and conservative approach to budget preparation, reflected in revenue figures.
Structural changes in the Kingdom’s economy are beginning to yield tangible results, with a 33% increase in spending on strategies and programs aimed at achieving Vision 2030, according to Al-Jadaan. These efforts are expected to sustain economic growth, foster diversification, and further strengthen the Kingdom’s global economic standing, he stated.