Justice minister, DGA chief discuss partnership to boost digital judicial services    Netanyahu does not rule out further strikes on Hamas leaders    US farmers are being squeezed – and it's testing their deep loyalty to Trump    Romania condemns 'irresponsible' Moscow after Russian drone breaches its airspace    Kirk's assassination is forcing US politicians to make difficult choices about their safety    India players refused handshakes, says Pakistan coach    Final stage of Spanish Vuelta cycling race abandoned after disruption by pro-Palestine protesters    Mané fires Al Nassr past Al Kholood to keep perfect start as Ronaldo honored    Lacazette brace earns NEOM SC first Saudi Pro League win    Adolescence star Owen Cooper makes Emmys history at 15    Saudi liquidity grows 8.4%, reaching SR3.1 trillion in July 2025    Over 434,000 people acquire first aid skills during nationwide health campaign    Saudi Arabia's legislative advancement highlighted at International Conference on Judicial Training    Sudden swerving among 3 major causes of accidents in Riyadh in 2024    Princess Haifa emphasizes pivotal Saudi role in shaping future of tourism    Sahm Capital names Saudi Olympian Fayik Abdi as brand ambassador    SR9000 fine for copyright infringement using AI    King Charles and Prince Harry finally reunite after 19 months apart    Anastacia: Arnold Schwarzenegger made me sing Whatta Man 12 times    Thousands pay their last respects to Giorgio Armani, private funeral on Monday    The key to happiness    Sholay: Bollywood epic roars back to big screen after 50 years with new ending    Ministry launches online booking for slaughterhouses on eve of Eid Al-Adha    Shah Rukh Khan makes Met Gala debut in Sabyasachi    Exotic Taif Roses Simulation Performed at Taif Rose Festival    Asian shares mixed Tuesday    Weather Forecast for Tuesday    Saudi Tourism Authority Participates in Arabian Travel Market Exhibition in Dubai    Minister of Industry Announces 50 Investment Opportunities Worth over SAR 96 Billion in Machinery, Equipment Sector    HRH Crown Prince Offers Condolences to Crown Prince of Kuwait on Death of Sheikh Fawaz Salman Abdullah Al-Ali Al-Malek Al-Sabah    HRH Crown Prince Congratulates Santiago Peña on Winning Presidential Election in Paraguay    SDAIA Launches 1st Phase of 'Elevate Program' to Train 1,000 Women on Data, AI    41 Saudi Citizens and 171 Others from Brotherly and Friendly Countries Arrive in Saudi Arabia from Sudan    Saudi Arabia Hosts 1st Meeting of Arab Authorities Controlling Medicines    General Directorate of Narcotics Control Foils Attempt to Smuggle over 5 Million Amphetamine Pills    NAVI Javelins Crowned as Champions of Women's Counter-Strike: Global Offensive (CS:GO) Competitions    Saudi Karate Team Wins Four Medals in World Youth League Championship    Third Edition of FIFA Forward Program Kicks off in Riyadh    Evacuated from Sudan, 187 Nationals from Several Countries Arrive in Jeddah    SPA Documents Thajjud Prayer at Prophet's Mosque in Madinah    SFDA Recommends to Test Blood Sugar at Home Two or Three Hours after Meals    SFDA Offers Various Recommendations for Safe Food Frying    SFDA Provides Five Tips for Using Home Blood Pressure Monitor    SFDA: Instant Soup Contains Large Amounts of Salt    Mawani: New shipping service to connect Jubail Commercial Port to 11 global ports    Custodian of the Two Holy Mosques Delivers Speech to Pilgrims, Citizens, Residents and Muslims around the World    Sheikh Al-Issa in Arafah's Sermon: Allaah Blessed You by Making It Easy for You to Carry out This Obligation. Thus, Ensure Following the Guidance of Your Prophet    Custodian of the Two Holy Mosques addresses citizens and all Muslims on the occasion of the Holy month of Ramadan    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Chairman and CEO of STC Thank Saudi Leadership for Licensing STC Bank as First Digital Bank in Saudi Arabia
Published in Saudi Press Agency on 23 - 06 - 2021

Prince Mohammed bin Khalid Al-Abdullah Al-Faisal, Chairman of the Board of Directors of STC Group and STC Group CEO Eng. Olayan Mohammed Al-Wetaid extended their appreciation and gratitude to the Custodian of the Two Holy Mosques King Salman bin Abdulaziz Al Saud and His Royal Highness Mohammed bin Salman, Crown Prince, Deputy Prime Minister and Minister of Defense, for the Cabinet's approval to license STC Bank as the first digital bank in the Kingdom of Saudi Arabia. Moreover, both officials thanked the Central Bank of Saudi Arabia (SAMA) for supporting, empowering and promoting the local fintech market, which rendered Saudi Arabia as a destination for investment from the biggest domestic and global fintech corporations.
Prince Mohammed bin Khalid Al-Abdullah Al-Faisal asserted that STC Bank reflects the group's commitment to playing a pivotal role in the field of digital transformation and digital empowerment of the government and private sectors, in line with the ambitious goals of the Kingdom's Vision 2030 towards achieving a prosperous and diversified economy.
Meanwhile, Eng. Olayan Mohammed Al-Wetaid explained that STC Bank reflects the group's commitment to its DARE strategy, aimed at achieving growth in new unconventional areas and in digital transformation. He also noted that Saudi Arabia's premier digital bank comes as an extension of the swift successes accomplished by STC Pay.
Chairman of the Board of Directors of STC Pay Khalid Sulaiman Al-Jasser considered that STC Bank manifests the Saudi government's keenness on accomplishing the goals of Vision 2030 to support the growth of the national economy and on achieving the strategic objectives of the Financial Sector Development Program, namely, to promote financial inclusion and reduce reliance on cash. He pointed out that Cabinet's approval will stimulate the exertion of more efforts to introduce innovative products that enrich customer experiences.
Saudi Digital Payments (STC Pay) was founded in October 2018 as a wholly-owned fintech subsidiary of STC Group. It managed during a short period of time to register as the first financial technology company licensed by SAMA in the Kingdom of Saudi Arabia and become the largest digital wallet in the Middle East and North Africa, serving more than 6 million users. STC Pay was established in line with the objectives of Vision 2030 to support the growth of the national economy and to achieve the strategic objectives of the Financial Sector Development Program, namely, to promote financial inclusion and reduce reliance on cash.
In November last year, STC Pay struck a new landmark by signing an agreement with Western Union to sell a 15%-minority stake valued at USD200 million (SAR5 billion) in order to achieve a high market value, which qualified it to become the first billion-dollar (unicorn) company in Saudi Arabia and the first fintech startup in the Middle East.


Clic here to read the story from its source.