STC Bank has received regulatory approval from the Saudi Central Bank (SAMA) to commence operations as a digital bank following successful completion of its pilot phase, the bank announced on January 29.

The launch marks a milestone in Saudi Arabia's digital transformation journey, strengthening digital banking adoption within the kingdom's financial sector.

The bank, which serves both retail and business customers, builds upon the success of the stc pay digital wallet in providing digital financial services.

Nizar Al-Tuwaijri, CEO of STC Bank, said: "We are proud to officially launch as a digital bank under SAMA's supervision, offering financial solutions that enhance banking services for individuals and businesses, aligned with the kingdom's digital transformation efforts under Saudi Vision 2030."

He said the bank's commitment to maintaining stringent banking regulations, data security and customer privacy standards.

Existing stc pay customers with active digital wallets will be able to upgrade their accounts to full banking services without disruption to their balances, transactions, or data by completing the registration process through the official STC Bank application.

The bank offers a comprehensive range of Shariah-compliant services and features, approved by its Shariah Committee, including diverse local and international payment options and banking solutions. Operating as a mixed closed joint-stock company with paid-up capital of SAR 6.35bn ($1.69bn), STC Bank aims to enhance financial inclusion across Saudi Arabia.