SAMA Grants STC Bank Approval to Commence Banking Operations

- The Saudi Central Bank grants STC Bank approval to commence banking operations, enhancing the diversity of the Saudi financial sector.
- The decision supports banking sector stability, fosters competition, and drives innovation, aligning with the objectives of Saudi Vision 2030.
- SAMA continues to empower digital banks and new financial institutions to enhance financial inclusion and drive economic growth in Saudi Arabia.
Riyadh, Saudi Arabia – January 2025: The Saudi Central Bank (SAMA) has announced its approval for STC Bank to commence its banking operations in the Kingdom, further enhancing the diversity of digital financial services and increasing competition within the banking sector.
Strengthening the Banking Sector and Achieving Vision 2030 Goals
This decision aligns with the Saudi Central Bank’s strategic objectives, which aim to:
- Enhance the stability of the financial sector and boost confidence in the banking system.
- Increase competition between traditional and digital banks, leading to the provision of advanced banking services.
- Support the objectives of Saudi Vision 2030 by fostering financial technology (FinTech) and promoting financial inclusion.
Empowering Digital Banks and Driving Financial Innovation
The Saudi Central Bank reaffirmed its commitment to developing a regulatory framework that enables:
- New financial institutions, including digital banks, to enter and contribute to the Saudi market.
- Financial innovation in the Kingdom, encouraging digital solutions that facilitate greater access to banking services.
- An attractive investment environment, supporting the Kingdom’s economic transformation and positioning it among the world’s leading financial hubs.
A Digital Transformation in Saudi Arabia’s Banking Sector
STC Bank is expected to drive a significant shift in digital banking services, offering users more flexible and accessible financial solutions. This approval reflects Saudi Arabia’s commitment to developing a modern and competitive financial sector that caters to both individuals and businesses.
Through this initiative, the Saudi Central Bank continues to enhance a progressive and investment-friendly banking environment, further solidifying the Kingdom’s position as a leading financial hub in the region.