Saudi telecom giant stc Group has received approval from the Saudi Central Bank for the soft launch of its banking subsidiary, stc Bank, which aims to provide Shariah-compliant fintech solutions. A full rollout to all customers is expected later this year, according to the company’s CEO, Olayan Al-Wetaid, who announced the financial results of the first quarter.
The bank will offer Islamic banking services and fintech solutions with a focus on high security and customer protection, aligning with the goals of the Kingdom’s Vision 2030. This is part of stc’s DARE 2.0 strategy to lead digital transformation and unconventional growth paths in the region. The group also reported strong financial performance for the first quarter of 2024, including a net profit increase of 44.50 percent from the previous quarter, reaching SR3.2 billion.