Saudi Arabia hands out two digital banking licences

saudi-arabia digital licences banking bank
Saudi Arabia

Saudi Arabia hands out two digital banking licences

Saudi Arabia has granted two digital  banking licences as the government continues to drive the use of tech across the financial sector. STC Pay and a new firm to be formed by a number of companies and investors have been given the licences, the central bank said on Tuesday (June 22). STC Pay is a subsidiary of telecommunication company STC Group, the biggest mobile operator in Saudi Arabia. It will form STC Bank that will hold capital of 2.5 billion riyals ($670 million). The second firm, led by Abdul Rahman bin Saad Al-Rashed and sons Co., will set up Saudi Digital Bank and hold 1.5 billion riyals in capital. The central bank in February last year issued additional guidelines and criteria for digital-only banks and it has since then been studying licence applications.