Joint cooperation agreement between stc pay and the Saudi Payments Company

Feb 17, 2020

Joint cooperation agreement between stc pay and the Saudi Payments Company

The Saudi Digital Payments Company stc pay has signed an agreement with the Saudi Payments Company, to raise cooperation in non-cash payments sector and benefit from the specialized and varied expertise at the Saudi Payments Company.
Under this agreement, the Saudi Payments Company will enable stc pay to make partnerships with various technical financial sector entities, to contribute to the transformation towards a digital society in line with the goals of the Kingdom's 2030 vision
stc CEO, Ahmed Al-Enezi, stressed the great importance of this joint agreement, noting that the Saudi Digital Payments Company (stc pay) strategy comes in line with the strategic goals of the stc group to enable digital transformation and provide innovative technologies that enrich customer experience through a secure digital wallet. Al-Enezi stated that this agreement will enable financial institutions to provide advanced services in the financial sector, which supports national economy growth and fulfills the strategic goals of the Financial Sector Development Program such as enhancing financial inclusion and reducing dependence on cash.
Furthermore, the CEO of the Saudi Payments Company, Ziyad bin Bandar Al-Youssef, said: “The Saudi Payments Company is empowering and developing the electronic payments system in the Kingdom by providing safe, reliable and effective services. This agreement with the Saudi Digital Payments Company (STC pay) comes as a result of the company’s great success, as the first electronic wallet company in the field of financial technology. Through this agreement, we aspire to raise the diversity level in services and solutions for all service providers and beneficiaries, in order to achieve the maximum benefit from the unified infrastructure services provided by Saudi payments, in line with the objectives of the financial sector development program, one of the Kingdom's Vision 2030 programs.”
STC pay is considered as the largest digital financial wallet in the MENA region. It was established in 2018, as an embodiment of the strategy of STC group, and is fully owned by STC. It is also the first financial technology company licensed by the Saudi Arabian Monetary Agency (SAMA) and provides digital banking services for the corporate and consumer sectors in order to keep pace with the digital transformation in the Kingdom and transitioning towards a non-monetary society. Users can also purchase from shops, restaurants and electronic stores, in addition to facilitating the process of sending and receiving money between individuals through the customer's contact list. As well as providing the feature of transferring money to any bank account inside and outside the Kingdom, and the ability to pay STC bills through the app.
The payments sector in Saudi Arabia has witnessed notable developments during the past 30 years, as the Saudi Arabian Monetary Agency (SAMA) worked hand in hand with the financial sector to develop national payment systems, in accordance with the latest technical and international standards. SAMA has also recently worked, within the financial sector development program, on several initiatives aiming to accelerate innovation and sector development.