The Saudi Central Bank (SAMA) has granted STC Bank, a licensed digital bank, a no objection to commence its banking operations in Saudi Arabia. The move is framed as part of SAMA’s strategy to support digital transformation and competitiveness in the banking sector while safeguarding monetary and financial stability, and to support the sector’s contribution to Saudi Vision 2030, including by enabling innovative financial services in the Saudi market.
Saudi Arabian Monetary Authority 2025-01-28
Saudi Central Bank grants STC Bank no objection to commence digital banking operations in Saudi Arabia
The Saudi Central Bank (SAMA) has approved STC Bank, a licensed digital bank, to begin operations in Saudi Arabia. This aligns with SAMA's strategy to enhance digital transformation and competitiveness in the banking sector, contributing to Saudi Vision 2030 by fostering innovative financial services.