Saudi Arabia Grants Digital Banking License to STC Pay
The Saudi cabinet has reportedly granted a digital banking permit to STC Pay, a virtual payments solution provider that’s a wholly owned subsidiary of Saudi Telecom. STC Pay will now be converted into a domestic virtual bank, with a capital of SAR 2.5 billion (appr. $670 million).
A second virtual bank license has been granted by Saudi regulators to a group of firms and investors who are being led by Abdul Rahman bin Saad Al-Rashed and Sons Company, in order to form a local virtual bank with a capital of SAR 1.5 billion (appr. $400 million).