Notice of Transformation

Launching STC Bank – Beta version

Action Required

Material Change in Terms and Conditions

Thanks to your great support and contribution to the acceleration of the digitalization journey in the Kingdom of Saudi Arabia, we are delighted and proud to announce that STC Bank (formerly known as Saudi Digital Payments Company), the owner and operator of the leading Saudi electronic wallet, is now evolving and transforming to become a digital bank. STC Bank is now giving the opportunity to a limited number of its existing customers to experience STC Bank’s digital banking journey, essentially as a testing phase (beta version), pursuant to which your stc pay wallet account will evolve to become a digital bank account.

Testing and Transformation

You have been selected among a limited pool of customers to test STC Bank new digital banking app. Until we transform fully into a digital bank, you may continue to use your stc pay wallet as usual unless you download the latest STC Bank app and activate your digital bank account, in which case your stc pay wallet account will transform into an STC Bank digital bank account.

As STC Bank is currently in the testing and trial phase, STC Bank does not provide any warranties with respect to the functioning of the STC Bank app. We rely on your constructive feedback to enhance our customers’ experience and so, your use of STC Bank’s app must remain on a confidential basis and any feedback is to be shared strictly with us.

How we are transforming

stc pay is transforming from being one of the first electronic wallets originating from the Kingdom of Saudi Arabia to becoming called STC Bank, one of the first digital banks in the Kingdom. We still maintain the same corporate registration numbers and identity. We are now licensed by the Saudi Central Bank (SAMA) to carry out digital banking activities.

What is changing

Subject to completing your migration from stc pay to STC Bank, you will notice that our branding has changed from stc pay to STC Bank. Your stc pay wallet account will, upon the successful activation of your STC Bank digital bank account, convert to become a digital bank account and so, your stc pay wallet account will no longer be available, and completing any and all terms and conditions and contracts that you have with us will be canceled in their entirety and replaced with these new terms and conditions. Being a digital bank allows us to offer you unique and broader products and services that you can avail of through our mobile application or other digital channels that we make available for you to use.

We are waiting for you

We are currently offering this testing experience on a limited basis. STC Bank may at its discretion withdraw this opportunity at any time whether before or after your acceptance of the STC Bank terms and conditions and activating your STC Bank digital bank account.

If you convert your stc pay wallet account to an STC Bank digital bank account and you have a payment card issued by stc pay, such card’s credentials will remain the same. The design of the virtual cards will automatically change to our new branding “stc bank”. Physical cards with new branding may be dispatched in due course and any pending transactions on such cards or your wallet will be routed to your digital bank account.

We are at your disposal

If you have any questions about this notice of transformation, including but not limited to the new terms and conditions, our Customer Experience team is always ready to receive your inquiries at [ 8001180008].