Draft:STC Bank
Submission declined on 21 November 2025 by Niafied (talk).
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STC Bank is a digital bank based in the Kingdom of Saudi Arabia. It is owned by the stc Group and commenced full operations in January 2025, becoming the second licensed digital-only bank in Saudi Arabia after D360 Bank launched operations in December 2024.[1][2]
History
[edit]STC Bank, started as a digital wallet stc Pay, and was launched in 2017.[3] In November 2020, Western Union acquired a 15% stake in stc Pay for SAR 750 million (approximately USD 200 million).[4] In June 2021, the Saudi Council of Ministers approved licences for two digital banks, including the conversion of stc Pay into STC Bank with paid-up capital of SAR 2.5 billion.[5] As a digital bank, STC Bank began a pilot phase in 2024 before receiving approval from the Saudi Central Bank (SAMA) to commence operations on 28 January 2025.[6][7][8]
Ownership and capital
[edit]In 2021, stc Group owned 85% of the bank, while Western Union held the remaining 15%.[9] and by 2025, the stc Group had increased its ownership in STC Bank to about 87.7%.[10]
Products and services
[edit]STC Bank provides fully digital, for individuals, including current accounts, cards, and local and international transfers.[11]
Financial performance
[edit]For the nine-month period ending 30 September 2025, STC Bank reported revenue of SAR 1,033 million and a gross profit of SAR 440 million, compared with revenue of SAR 924 million and gross profit of SAR 214 million during the same period in 2024.[12]
Leadership
[edit]In July 2025, STC Bank announced a leadership transition: CEO Nizar Al-Tuwaijri moved to an advisory role and Mohammed Al-Fraih was appointed Acting CEO.[13]
See also
[edit]References
[edit]- ^ "'STC Bank' launches its banking operations in the Kingdom". Saudi Press Agency. 28 January 2025. Retrieved 11 November 2025.
- ^ "SAMA announces the launch of D360 Banking Operations in the Kingdom". Saudi Central Bank. 17 December 2024. Retrieved 11 November 2025.
- ^ "SAMA announces the launching of licenses for non-bank financial institutions". Saudi Central Bank. 30 January 2020. Retrieved 11 November 2025.
- ^ "Western Union buys 15% stake in Saudi Telecom's digital payment unit". Reuters. 22 November 2020. Retrieved 11 November 2025.
- ^ "Saudi Arabia's stc Pay gains digital banking licence". Reuters. 23 June 2021. Retrieved 11 November 2025.
- ^ "SAMA: 'STC Bank' launches its banking operations in the Kingdom". Saudi Press Agency. 28 January 2025. Retrieved 11 November 2025.
- ^ "SAMA licenses STC Bank to commence operations in Saudi Arabia". Argaam. 28 January 2025. Retrieved 11 November 2025.
- ^ "SAMA approves beta launch of STC Bank". Argaam. 4 April 2024. Retrieved 11 November 2025.
- ^ "Saudi Arabia's STC Pay gains digital banking licence". Reuters. 23 June 2021. Retrieved 11 November 2025.
- ^ "STC Bank reports record revenue, strong profit margins in Q2 2025". Argaam. 7 August 2025. Retrieved 11 November 2025.
- ^ "Saudi Telecom's digital bank STC set to launch full operations". Zawya. 28 January 2025. Retrieved 11 November 2025.
- ^ "Investor Relations Release – STC Group: For the nine months period ended 30th of September 2025" (PDF). STC Group. 11 November 2025. Retrieved 11 November 2025.
- ^ "STC Bank appoints Mohammed Al-Fraih as Acting CEO". People Matters Global. 17 July 2025. Retrieved 11 November 2025.
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