stc Bank Officially Launches as a Digital Bank in Saudi Arabia

stc Bank announced today that it has received a Non-Objection from the Saudi Central Bank (SAMA) following the successful completion of its pilot phase, allowing it to officially launch as a digital bank in Saudi Arabia. The launch of the bank represents a significant milestone in the Kingdom’s digital transformation journey and towards the adoption of digital banking services within the financial sector. The digital bank’s launch, which serves both individuals and businesses, is a result of the success achieved by its predecessor, the digital wallet, stc pay.

On this occasion, Nizar Altwaijri, CEO at stc Bank, stated, “We are proud to officially launch as a digital bank operating under the supervision and regulation of the Saudi Central Bank (SAMA), and to provide financial solutions that elevate banking services for individuals and business sector, as part of the Kingdom’s digital transformation efforts, under the framework of Vision 2030.” He added, “stc Bank will continuously adhere to regulations related to banking operations, data security, and customer privacy, while remaining committed to maintaining the highest standards of transparency and accountability in all its operations.”

With this transition, stc pay active users will be able to upgrade their wallets to become bank accounts without any impact on their existing balances, transactional records, or data. This can be done through the application by providing the required information. The official application is an approved channel and will help avoid any fraudulent activities during the transition.

Furthermore, new customers can also register through stc Bank application and follow the instructions to open new bank accounts.

With stc Bank, customers will benefit from a range of Sharia-compliant financial services that is approved by the bank’s Sharia Board. Additionally, they will have access to a variety of local and international payment options and banking solutions.

On this occasion, the Board of Directors and executive management of stc Bank extended their gratitude to the Saudi Central Bank (SAMA) for their guidance throughout the transitional period and reiterated their commitment to promoting financial inclusion, empowering and supporting individuals and businesses across Saudi Arabia.