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stc Group announces that STC Bank has received non-objection from the Saudi Central Bank to commerce its operations.
| Element List | Explanation |
|---|---|
| Announcement Detail | stc Group announces that on 28-1-2025, STC Bank received a non-objection from the Saudi Central Bank (SAMA) to commence its operations in the Kingdom of Saudi Arabia. The launch of STC’s digital bank represents a significant milestone in the Kingdom’s digital transformation journey and towards the adoption of digital banking services within the financial sector. The digital bank's launch, which serves both individuals and businesses, is a result of the success achieved by its predecessor, the digital wallet, stc pay. STC Bank will provide a variety of financial products and solutions that will contribute to elevating the banking services. The launch of the bank is consistent with the Central Bank’s objective to support economic growth and promote the digitization of the financial sector by enabling financial institutions to support private sector growth by enhancing the reach and variety of financial services and products. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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