Riyadh Welcomes the Birth of STC Bank
In a groundbreaking move, stc pay, the Kingdom’s premier mobile wallet, has been granted approval by the Saudi Central Bank to evolve into STC Bank.
This beta launch marks the beginning of a transformation for selected users, allowing them to convert their stc pay digital wallet into a full-fledged STC Bank account. They will have access to an International Bank Account Number and a range of additional banking services, as stated in an official announcement.
As a subsidiary of stc Group, STC Bank will offer Shariah-compliant banking options and financial solutions while prioritizing top-notch security and customer protection through state-of-the-art financial technologies.
This strategic move is in line with Saudi Arabia’s overarching fintech strategy and its aspiration to position the country as a global leader in financial technology and innovation.
The transition of the digital wallet into STC Bank represents a significant advancement for the Saudi banking industry.
The official statement indicates that this beta launch is currently exclusive to preselected customers, serving as a precursor to a full public launch later this year.
Recent data released by the central bank, also known as SAMA, reveals that the share of retail consumer electronic payments in Saudi Arabia has surged to 70 percent of total transactions in 2023, up from 62 percent in the previous year.
This notable increase is attributed to the remarkable growth of transactions processed through national payment systems in 2023, reaching a total of 10.8 billion deals compared to 8.7 billion in the preceding year.
Such progress aligns perfectly with the goals of the Financial Sector Development Program, where retail consumer e-payments serve as a crucial key performance indicator within the plan.
Part of the Saudi Vision 2030, the program aims to cultivate a diversified and efficient financial services sector to bolster the growth of the national economy.