Riyadh - Sharikat Mubasher: The Saudi Central Bank (SAMA) permitted STC Bank to commence its operations in the Kingdom as part of its strategy to promote digital transformation ​and competitiveness within the banking sector.

With this permission, the number of licensed banks in the Kingdom reached 37, amongst which are 14 local banks that include three digital banks and 23 foreign bank branches, the apex bank announced in a statement today.

This decision affirms SAMA’s commitment to strengthening the banking sector's resilience, enhancing its attractiveness, and increasing its contributions to achieving Saudi Vision 2030’s objectives. 

It also aligns with SAMA’s dedication to enabling financial institutions to support private sector growth by enhancing the reach and variety of financial services and products.