2023-10-30 19:45:00
Today, Monday, the Saudi Telecom Company “stc” began changing the name of the stc pay application to stc bank, mim, a digital bank in the Kingdom of Saudi Arabia.
The launch of stc Bank comes within the framework of the company’s strategy to expand in the financial services sector, as the company already owns stc Pay, a company specialized in electronic payment services.
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stc Bank will offer a wide range of digital banking services, including bank accounts, loans and investment services.
STC Bank is a Saudi digital bank with a total capital of 2.5 billion Saudi riyals. On June 22, 2021, the Saudi Council of Ministers approved the Minister of Finance to issue the necessary licenses to both STC Bank and the Saudi Digital Bank, in accordance with Article (Third) of the Banking Control System issued by Royal Decree No. (M/5) dated 2-22- 1386 AH.
The bank will represent a qualitative leap for Saudi Telecom Company and its activities.
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