STC Bank to roll out full services in 2025: CEO

Nizar Al Tuwaijri, CEO of  STC Bank

STC Bank is planning to launch its full suite of services later in 2025, CEO Nizar Al Tuwaijri told Bloomberg.

He added that stc Group has injected $800 million in fresh cash flows into the bank.

STC Bank’s current customer base is large enough to require a focus on all segments, said the top executive, stressing that the bank currently serves around 1.5 million customers and is seeing rapid growth.

According to Argaam data, in January, Saudi telecom giant stc announced receiving the Saudi Central Bank’s (SAMA) approval to commence STC Bank’s operations in Saudi Arabia.

The bank is 85% owned by stc, while Western Union holds the remaining 15%.

Arabian Internet and Communications Services Company (solutions) had established STC Bank in 2017, with SAR 100 million in capital. Its ownership was later transferred to stc in 2019, with the capital raised to SAR 400 million by the end of that year.

In 2020, STC Bank was licensed as an e-wallet provider by SAMA, with 15% of its share capital being sold to Western Union for SAR 750 million.

In 2021, STC Bank was granted a digital banking services license, with its capital reaching SAR 2.5 billion. As much as SAR 1.55 billion was deposited into a restricted account with SAMA, pending final approval.