STC Bank Launches in Beta Supported by SAMA

STC Pay has officially begun its transformation into a fully licensed digital bank, launching STC Bank in beta with the support of the Saudi Central Bank (SAMA).

The beta phase allows selected users to upgrade their existing STC Pay digital wallet accounts into full digital bank accounts, gaining access to banking services including savings products, transfers, and enhanced payment capabilities. The rollout is being conducted in stages to ensure operational stability before a wider public launch.

STC Bank's emergence marks a significant milestone for Saudi Arabia's financial sector. The transition from a payments wallet to a regulated digital bank positions STC to compete directly with established retail banks in the Kingdom, leveraging its existing user base of millions of STC Pay customers who already use the platform for peer-to-peer transfers and merchant payments.

The digital bank is backed by the Saudi Telecom Company (stc), one of the Kingdom's largest corporations, giving it substantial financial resources and an existing distribution network. The telecommunications-to-banking transition follows a model that has been attempted in several markets globally, though few telcos have achieved full banking licensure.

SAMA's support for the beta launch signals the regulator's confidence in the applicant's compliance and operational readiness. Saudi Arabia has been progressively opening its financial sector to digital-native entrants as part of its Vision 2030 economic diversification programme, which includes targets for increasing the share of non-cash transactions and improving financial inclusion.