About
STC Bank is the Saudi digital bank that stc pay, a mobile wallet founded in October 2018, has become. stc pay was the first fintech licensed by the Saudi Central Bank (SAMA); SAMA approved its conversion to a bank in April 2024, and full banking operations began in January 2025. It is a subsidiary of state-owned Saudi Telecom Company (stc group). Wallet holders who upgraded received a bank account with an IBAN, keeping their balance and history, and use it for transfers, card payments and merchant QR payments, with Sharia-compliant services. stc pay reported more than 12 million customers in April 2024.
STC Pay has been restructured under stc Bank after SAMA approved a digital banking licence around 2024; the wallet continues within the bank.
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