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.