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JEDDAH: Saudi banking and financial experts have welcomed the Saudi Cabinet’s decision on Tuesday to approve the licensing of the first two local digital banks in the Kingdom STC Bank and Saudi Digital Bank. STC Bank will be created from the conversion of STC Pay into a digital lender with paid-up capital of SR2.5 billion ($670 million), having received an investment of SR750 million from Western Union for a 15 percent stake. Saudi Digital Bank will have paid-up capital of SR1.5 billion and will include Al Moammar Information Systems Co. (MIS) and other investors. MIS shares soared on Wednesday by 9.95 percent on the back of the news.

Saudi arabiaMohammed alomranMohammed al jadaanAbdullah al mubarakPaul kayrouzSaudi digital bankGulf centerWestern unionAl moammar information systems coSaudi central bankFinancial sector development programSaudi cabinetSaudi digitalDigital bankFinance minister mohammed al jadaanZaki hafiz