STC Bank, a digital lender launched by Saudi Arabia’s biggest telecoms company STC Group, will commence operations in Saudi Arabia after receiving authorisation from the Saudi Central Bank (SAMA).
STC said the bank “will provide a variety of financial products and solutions that will contribute to elevating the banking services.”
The telco company, which is 64% owned by the Public Investment Fund (PIF) saw its share price rise slightly to reach a three-month high following the announcement.
STC Bank is one of three with a digital banking license in the kingdom and the third to receive SAMA authorisation in just over a month.
D360 Bank, which names PIF and Derayah Global as strategic investors, was given the go-ahead on the 17th December.
Vision Bank, which is owned solely by Abu Dhabi-based Gulf Islamic Investments, announced the launch of its pilot phase on 2nd January after receiving SAMA approval.
The Saudi cabinet first approved a banking license for STC in June 2021. The company’s digital wallet, STC Pay, was launched in 2018 largely to serve expatriates in the kingdom and facilitate international money transfers.
It grew to become one of the biggest mobile fintech services in the Gulf, with 27 million mobile subscribers to STC KSA as of Q3 2024 and a further 4 million for STC Bahrain and STC Kuwait.
