Stc Pay to become the first digital bank in Saudi with a paid-up capital of SAR 2.5 billion

Saudi Arabia granted a digital banking license to STC Pay and Saudi Digital Bank led by Abdul Rahman bin Saad Al-Rashed & Sons Co.

STC Pay, launched by the kingdom’s biggest mobile operator Saudi Telecom in 2018, will be converted into a digital bank with a capital of 2.5 billion riyals ($667 million) and will be called STC Bank.

Saudi Arabia granted a digital banking license to STC Pay and Saudi Digital Bank led by Abdul Rahman bin Saad Al-Rashed & Sons Co.

STC Pay, launched by the kingdom’s biggest mobile operator Saudi Telecom in 2018, will be converted into a digital bank with a capital of 2.5 billion riyals ($667 million) and will be called STC Bank.