Riyadh Bureau

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Saudi Arabia grants first digital banking licenses

www.riyadhbureau.com

Saudi Arabia grants first digital banking licenses

STC and new consortium awarded licenses

Jun 30, 2021
Share this post

Saudi Arabia grants first digital banking licenses

www.riyadhbureau.com
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…

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