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.
