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Minister of ICT inaugurates digital payment company ‘STC Pay’

03 Oct 2018
Minister of ICT inaugurates digital payment company ‘STC Pay’
Minister of ICT inaugurates digital payment company ‘STC Pay’

His Excellency Eng. Abdullah Al-Swaha, Minister of Communications and Information Technology,  launched today 'STC Pay' as an investment arm of Saudi Telecom Group. The launch was in the presence of Chairman of STC Group HRH Prince Mohammed bin Khalid Al Abdullah Al Faisal, Governor of SAMA HE Dr. Ahmed Al Khulaifi, Governor of CITC Dr. Abdulaziz Al-Ruwais, Assistant Minister of Defense for Executive Affairs HE Dr. Khaled Bayyari, and CEO of Saudi Telecom Group Eng. Nasser Al-Nasser. STC Pay is a subsidiary specialized in digital payment and provisioning of FinTech services to individuals and businesses. It comes in line with the orientations of the Saudi Arabian Monetary Agency (SAMA) and STC’s strategy for digital growth and transformation as well as its pivotal role in Saudi Arabia’s Vision 2030 as an enabler of digital transformation. 

"Digital financial services represent a new growth path for the Saudi Telecom Group according to its strategy for growth and digital transformation, particularly at this time of rapid transformation in the telecommunications industry and the digital information revolution," said Nasser Al-Nasser, CEO of Saudi Telecom Group. He noted that the new company would provide specific additional development for its digital payment system service, in cooperation with major local and global financial institutions and banks.

For his part, Chairman of STC Pay Dr. Tariq Enaya pointed out that the electronic platform provided by ‘STC Pay’ offers integrated digital financial services for businesses and individuals, enabling business owners to reach a large segment of STC’s customers, allowing them to benefit from secure and sophisticated digital financial services, and facilitating daily purchases and transactions.

On the other hand, CEO of STC Pay Mr. Saleh Al-Musaibah indicated that the company would offer its services as a chargeable e-wallet to enable customers to purchase their needs from shops, restaurants and online stores anytime and anywhere. He added that this service would also facilitate sending and receiving money to and from family and friends through the customer’s list of contacts, in addition to transferring money to any local bank account and payment of STC's bills through the application.

STC Pay was founded in 2017 to keep pace with the digital transformation in the Kingdom and the transition to a cashless society in accordance with Vision 2030 and in line with SAMA’s regulations. It is a Saudi financial services company wholly owned by Saudi Telecom Group (STC). It provides FinTech services to businesses and consumers.

Minister of ICT digital transformation FinTech Vision 2030 SAMA

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