stc pay has received formal approval from the Saudi Central Bank to move to the next phase of its transformation journey into STC Bank. This beta launch is limited to preselected customers and is a preparation for a full public launch later this year. The transition is supported by SAMA, affirming its commitment to playing a pivotal role in digital transformation and empowerment. It is in line with the ambitious goal of Vision 2030 to transition toward a cashless society by increasing the share of digital financial transactions.
The beta launch will enable selected users to upgrade their accounts from an stc pay digital wallet into an STC Bank account. Customers will be provided with an STC Bank International Bank Account Number and get additional banking services.
STC Bank will provide Shariah-compliant banking services and financial solutions whilst ensuring the utmost security and customer protection through the utilization of cutting-edge financial technologies. It will be a significant addition to the Saudi banking sector by offering traditional banking services through a customer-centric digital approach.
Founded in October 2018, stc pay is the first licensed fintech company by SAMA. Since then, it has become the region’s biggest digital wallet giving access to financial services to more than 12 million customers through its mobile-first approach. “This transformation aligns with the executive plan of the fintech strategy under the Financial Sector Development Program, aiming to establish the Kingdom as a global hub for financial technology and innovation in technology-based financial services, thereby enhancing financial and economic empowerment for individuals and communities,” a statement said.
According to official data released earlier this month, the share of retail consumer electronic payments in Saudi Arabia surged to 70 percent of total transactions in 2023, up from 62 percent in the previous year.
According to a statement released by SAMA, this increase is attributed to the substantial growth of transactions processed through national payment systems in 2023, totaling 10.8 billion deals compared to 8.7 billion in the previous year.
