RIYADH: The Saudi telecom behemoth stc Group has received formal approval to soft launch a new banking sector subsidiary with the goal of offering fintech solutions that comply with Shariah.
The company’s CEO, Olayan Al-Wetaid, disclosed the financial results of the first quarter and said that the Saudi Central Bank has approved the beta launch of stc Bank. A full rollout to all customers is planned for later this year.
Through cutting-edge fintech, the new organization will prioritize high security and customer protection while providing banking services and financial solutions that comply with Islamic Shariah. This is in line with the high standards of the Kingdom’s Vision 2030, which aims to create a thriving, diverse economy.
In its financial results announcement for the period ending March 31, the CEO of stc Group clarified how the company has strengthened its position in the telecommunications industry through a strategic partnership with the Public Investment Fund.
The two parties concluded agreements earlier in April allowing PIF to purchase a 51 percent share in Telecommunications Towers Co., or Tawal, at a valuation of SR21.94 billion ($5.8 billion).
With stc Group holding a 43.06 percent stake, this transaction is a part of a larger merger with Golden Lattice Investment Co. to form a new entity that aims to lead the nation’s telecommunications infrastructure.
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