Saudi Arabia grants first digital banking licenses

STC and new consortium awarded licenses

Scene from a conference organised by the Financial Sector Development Program in Riyadh in April 2019 (Fayez Nureldine/AFP/Getty)

Saudi Arabia has granted two digital banking licenses for the first time as the kingdom seeks to grow its nascent fintech sector.

STC Pay, a unit of the kingdom’s largest mobile operator Saudi Telecom Co, will be converted into…