“Can Saudi Arabia's largest mobile wallet evolve into the kingdom's dominant digital bank for consumers and SMEs?”
Launched in 2018 as STC Pay, the mobile wallet arm of Saudi Telecom Company, it became Saudi Arabia's largest e-wallet and one of the first SAMA-licensed EMIs. After Western Union's ~$200M minority investment in 2020 and the issuance of a digital banking license in 2021, the company replatformed onto Temenos and scaled to 8M+ accounts. In 2025 it completed its pivot from wallet to fully licensed digital bank, rebranding to STC Bank and expanding into SME merchant services, financing (working capital, capex, POS) and payroll.