SAMA Grants Full Launch Approval to STC Bank in Digital Banking Push
Saudi Central Bank authorizes STC Bank to begin full operations as the Kingdom’s first licensed digital bank, marking a key step in the nation’s digital transformation agenda.
The Saudi Central Bank (SAMA) has granted full operational approval to STC Bank, marking the launch of Saudi Arabia’s first licensed digital bank.
This approval is part of SAMA’s broader strategy to promote digitalization in the financial sector, enhancing competitiveness and supporting the Kingdom's Vision 2030 goals.
The central bank emphasized that this move ensures financial stability while fostering innovation within the banking system.
STC Bank, which transitioned from STC Pay, the mobile financial services arm of Saudi Telecom Co., began its beta operations in April 2024. The full launch follows a successful nine-month testing phase.
Along with STC Bank’s approval, SAMA also gave the green light to D360 Bank in December 2024, signaling further steps in the Kingdom’s growing digital economy.
SAMA remains committed to strengthening the resilience of the banking sector and empowering financial institutions to provide innovative services that meet the needs of Saudi Arabia’s rapidly evolving market.
This approval is part of SAMA’s broader strategy to promote digitalization in the financial sector, enhancing competitiveness and supporting the Kingdom's Vision 2030 goals.
The central bank emphasized that this move ensures financial stability while fostering innovation within the banking system.
STC Bank, which transitioned from STC Pay, the mobile financial services arm of Saudi Telecom Co., began its beta operations in April 2024. The full launch follows a successful nine-month testing phase.
Along with STC Bank’s approval, SAMA also gave the green light to D360 Bank in December 2024, signaling further steps in the Kingdom’s growing digital economy.
SAMA remains committed to strengthening the resilience of the banking sector and empowering financial institutions to provide innovative services that meet the needs of Saudi Arabia’s rapidly evolving market.
