STC Pay, a subsidiary of Saudi Telecom company (STC), Saudi Arabia´s largest telco, and The Western Union company (NYSE: WU), a provider of cross-border and cross-currency money movement, have entered into strategic discussions to embed Western Union´s cross-border functionality into a new STC Pay led FinTech platform offering financial services locally and globally, the companies said.
Saudi Digital Payments company, a subsidiary of Saudi Telecom charged with pioneering edge FinTech capabilities, today launched STC Pay digital mobile wallet available from Apple or Android app stores. It will allow customers to seamlessly transact a range of payments without the need of formal bank accounts.
The ceremonial launch today was hosted in Riyadh, Saudi Arabia at midday US EST, amid a distinguished gathering presided by Dr. Ahmed Abdul Karim Alkholifey, Governor of Saudi Arabian Monetary Authority (SAMA), His Royal Highness, Prince Mohammed Al Faisal Al Saud, Group Chairman of Saudi Telecom company and Nasser Al Nasser, Chief Executive Officer of Saudi Telecom company as well as other dignitaries.
Western Union´s cross-border, cross-currency platform — including a robust digital footprint, settlement, treasury and compliance infrastructure, and a vast global network of over half a million locations, billions of consumer accounts and mobile wallets — sets the standard for international money movement. With operations in 200 countries and territories, Western Union´s platform processes an average of 32 transactions every second and moves USD 300 billion a year across 130 currencies.
Western Union is a global provider of cross-border, cross-currency money movement. Its omnichannel platform connects the digital and physical worlds and makes it possible for consumers and businesses to send and receive money and make payments with speed, ease, and reliability. For more information, visit www.westernunion.com.