The Saudi Central Bank (SAMA) has approved the transformation of stc pay into STC Bank with the launch of the beta version.

This beta version, limited to preselected customers, will be publicly launched later in the year, the digital payment unit of Saudi Arabia's STC Group said in a statement.

The beta launch will allow selected users to upgrade their accounts from an stc Pay digital wallet into an STC Bank account. They will receive an STC Bank International Bank Account Number (IBAN) and additional banking services.

STC Bank will provide Sharia-compliant banking services and financial solutions.

Founded in October 2018, stc pay was SAMA's first licensed fintech company and currently provides access to financial services to over 12 million customers.

( Editing by Seban Scaria