STC Bank Launches Full Banking Operations in Saudi Arabia After SAMA Approval

STC Bank has commenced full banking operations in Saudi Arabia after receiving no-objection from the Saudi Central Bank (SAMA), becoming the second digital bank to launch in the Kingdom.

The digital bank, 85% owned by Saudi Telecom Company (stc), offers fully electronic, Sharia-compliant financial products through its mobile platform. STC Bank's launch completes the multi-stage transformation from STC Pay, a payments wallet that served millions of users, into a fully licensed banking institution.

STC Bank leverages stc's existing subscriber base of over 20 million customers as a built-in distribution channel for its banking products. The telecom's established customer relationships, digital infrastructure, and brand recognition give STC Bank a significant acquisition advantage over de novo digital banks that must build awareness from scratch.

The bank's product range includes savings accounts, personal finance, payment services, and money transfer capabilities, all delivered through a digital-first experience. As a Sharia-compliant institution, STC Bank's products are structured to meet Islamic finance principles, addressing strong demand for compliant financial services in the Saudi market.

SAMA's progressive licensing approach has required STC Bank to demonstrate operational readiness at each stage of its transition from wallet to bank. The granting of no-objection for full operations signals the regulator's confidence in the bank's compliance, technology, and governance capabilities.

STC Bank joins D360 Bank as the second digital banking entrant in Saudi Arabia, with additional licence applications expected to follow as SAMA continues developing the Kingdom's digital banking ecosystem under Vision 2030.