SAMA licenses STC Bank to start operations in Saudi Arabia

Logo of STC Bank

The Saudi Central Bank (SAMA) gave the green light for STC Bank to commence its operations in the Kingdom.

In April 2024, SAMA granted stc an experimental launch permit for STC Bank. 

The bank, in which stc holds an 85% stake, aims to provide Shariah-compliant banking services and financial solutions.

Arabian Internet and Communications Services Co. (solutions) initially established STC Bank in 2017, with SAR 100 million in capital. The ownership was transferred to stc in 2019, with capital increased to SAR 400 million by the end of the same year. 

In 2020, the company was licensed as an e-wallet provider by SAMA. Additionally, 15% of its shares were sold to Western Union for SAR 750 million.

In 2021, the company was granted a digital banking services license with a capital of SAR 2.5 billion. A total of SAR 1.55 billion was deposited in a restricted account with SAMA pending final approval.