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STC Pay gains digital banking licence

Thursday 24 June 2021 10:29 CET | News

STC Pay has announced being converted into a digital bank with paid-up capital of USD 666.7 million after Saudi Arabia's cabinet approved licences for two digital banks.

The company will inject additional USD 214 million to retain 85% of STC Pay's share capital, with Western Union investing USD 200 mln for the remaining 15%.

Saudi Arabia's central bank has licenced 16 Saudi fintech companies in recent months to provide payment services, microfinance, and digital insurance brokerage. In addition, there are 32 fintech companies operating under the regulatory sandbox environment designed for testing innovative services and products in the kingdom.


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Keywords: digital banking, banking licence, banks, Western Union, fintech
Categories: Banking & Fintech
Companies:
Countries: Saudi Arabia
This article is part of category

Banking & Fintech