SAMA Approves STC Bank to Launch Operations in Saudi Arabia

KSA, 29 January, 2025 : The Saudi Central Bank (SAMA) has granted STC Bank, a licensed digital bank, the approval to begin its banking operations in the Kingdom. This approval is a significant step in SAMA’s ongoing efforts to promote digital transformation and increase competitiveness within the Saudi banking sector.

STC Bank’s launch aligns with SAMA’s strategy to drive innovation and ensure the stability of the financial system while supporting the broader goals of Saudi Vision 2030. The bank’s operations are expected to contribute to enhancing the banking sector's resilience and attract further investment in the financial services industry.

SAMA remains committed to fostering a robust financial ecosystem that supports entrepreneurs, financial institutions, and the development of innovative financial solutions for the Saudi market, further contributing to the Kingdom’s national aspirations and economic growth.