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).
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