Following this announcement, STC Pay received formal approval from the Saudi Central Bank to continue its development journey as the STC Bank. This Beta launch is expected to be limited to preselected customers and clients, while also representing a preparation for a full public launch later in 2024.
The step will focus on the financial institution’s commitment to accelerate and optimise the overall digital transformation and modernisation of the industry, while also contributing to the goals of Vision 2030. These include the process of a transition towards a cashless society by increasing the overall share of digital financial transactions as well.
The newly received SAMA license will be leveraged by STC Pay in order to accelerate the process of becoming a complete digital bank. The initiative is set to align with the executive plan of the fintech strategy that takes place under the financial sector development program, which aims to establish the Kingdom as a global hub for innovation, digitalisation, and financial technology.
STC Bank will focus on providing its users and members with Sharia-compliant banking solutions and products, whilst ensuring that customers benefit from optimised security and protection. This process will take place by utilising improved financial technologies and software. In addition, the financial institution will prioritise meeting the needs of clients and partners in an ever-evolving market, while also remaining compliant with the regulatory requirements and laws of the industry.
The Beta launch is expected to enable selected clients and customers to upgrade their accounts from an STC Pay digital wallet into an STC Bank account, while also being given the possibility to access and leverage an STC Bank International Bank Account Number (IBAN) and get additional bank services, features, and benefits.
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