Since the Saudi Central Bank (SAMA) introduced regulations for digital-only bank licensing in 2020, the Kingdom’s financial landscape has been fundamentally transformed. This has paved the way for a new wave of innovation, with several digital banks and neobanks emerging as clear leaders. These players, including fintech giant STC Bank, are reshaping customer expectations and setting new industry benchmarks through cutting-edge, mobile-first financial services. Here’s a look at the five most prominent ventures defining Saudi Arabia’s digital banking ecosystem.
STC Bank The Telecom Giant Turned Fintech Powerhouse
Serving over three million customers, STC Bank stands as one of Saudi Arabia’s largest standalone digital banks. The venture originated in 2018 as STC Pay, a digital wallet from the Saudi Telecom Company (STC), before receiving a full digital banking license from SAMA in 2021.
The bank officially launched its operations in January 2025, allowing its massive base of STC Pay users to seamlessly upgrade their wallets to full-service bank accounts. Within just three months, two million users made the migration. Today, STC Bank provides a suite of mobile-first, Shariah-compliant services for both individuals and businesses, including account management, local and international transfers, digital cards, financing, and savings products. The bank’s strong market position was reflected in its H1 2025 results, where it reported a gross profit of SAR 281 million (US$75 million).
D360 Bank Rapid Growth And BaaS Innovation
Another key player is D360 Bank, a licensed, Shariah-compliant institution that has attracted over a million customers since its launch in December 2024. The bank promises an intuitive digital experience, allowing users to open an account in under two minutes and gain immediate access to personalized financial services.
D360 Bank’s offerings include individual and business accounts, lending facilities, and international transfers. Beyond its consumer-facing products, the bank also provides a Banking-as-a-Service (BaaS) infrastructure, empowering third-party companies to offer financial products under their own brands. The bank has demonstrated significant traction, processing over SAR 50 billion (US$13.3 billion) in transaction volume in its first four months and is now eyeing a potential public listing.
Barq The Neobank Challenger Capturing Millions
While not a licensed digital bank, neobanking startup Barq has amassed an impressive user base of more than 10 million. Founded in 2023 and led by former STC Pay CEO Ahmed Alenazi, Barq offers a financial app and digital account focused on seamless money transfers to over 200 countries.
After receiving its e-wallet license from SAMA in January 2024, Barq issued over 6.5 million digital payment cards in its first year. The app’s features include peer-to-peer transfers, subscription management, and lifestyle benefits like airport lounge access and travel insurance, with no annual or international fees. Since its launch in July 2024, the app has processed over 500 million transactions totaling SAR 73 billion (US$19.4 billion).
Hala Empowering SMEs With Embedded Finance
Focusing on the underserved market of micro, small, and medium-sized enterprises (MSMEs), Hala has become a prominent neobanking platform for businesses. Serving more than 150,000 customers, Hala processes over US$8 billion in annual transactions.
Founded in 2017, Hala provides a comprehensive embedded finance offering that includes business bank accounts, point-of-sale (POS) solutions, payroll management, and expense-control tools. It also offers financing options tailored to a company’s sales data, allowing business owners to manage their operations in real time. In September 2025, Hala secured US$157 million in a Series B round to deepen its product offerings and accelerate regional expansion.
Vision Bank A Focus On User Experience And Family Banking
Vision Bank, formerly Saudi Digital Bank, is a licensed Shariah-compliant digital bank that launched in September 2025. The company emphasizes a superior user experience, offering modern banking services primarily through its mobile and online platforms.
The bank’s portfolio includes current accounts, goal-based savings products, and dedicated solutions for SMEs. Unique features include family banking tools that allow parents to supervise their children’s finances and an intelligent digital assistant named “Noura” to help users with routine tasks. While formal user metrics have not been disclosed, the app has gained notable traction with over 50,000 downloads on Google Play since its debut.
About STC Bank
STC Bank is a leading Shariah-compliant digital bank in Saudi Arabia, evolving from the digital wallet STC Pay. It offers a comprehensive suite of personal and business banking services to millions of customers, leveraging the infrastructure of its parent company, the Saudi Telecom Company (STC).
Source: Fintechnews.ae
