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STC Bank has evolved from the highly successful stc pay. Image Courtesy: STC Bank
STC Bank, a subsidiary of state-owned Saudi Telecom Company (stc Group), is set to launch operations as a full-fledged digital bank in the kingdom.
The Saudi Central Bank (SAMA) has granted “no objection” for STC Bank to offer digital banking services to customers in the Gulf state.
Formerly known as stc pay that mainly offered digital wallet services, STC Bank now looks to establish itself as the premier digital bank in Saudi Arabia. It will enable customers to open a bank account and manage their money solely online, or pay their bills, receive salaries and move funds, among others, via non-traditional channels.
The approval is in line with the banking authority’s efforts to promote digital transformation, as well as Saudi Vision 2030’s aspirations towards a cashless society.
Saudi Arabia is seeing a growing adoption of innovative financial services, with net interest income in the digital banks market forecast to reach $8.25 billion this year, according to Statistica.
(Writing by Cleofe Maceda; editing by Seban Scaria)
seban.scaria@lseg.com