STC Inaugurates STC Pay for Digital Payments
Saudi Telecom Company (STC) announced today the launch of STC Pay, an investment arm specialized in digital payments and the provision of financial technology (FINTECH) services for individuals and institutes. This comes in line with Saudi Arabian Monetary Agency’s orientations and STC Group's strategy for digital growth and transformation, in parallel to its pivotal role in Saudi Vision 2030 as an enabler for digital transformation. The new STC Pay was inaugurated today in Riyadh in the presence of the Minister of Communications and Information Technology, HE Eng. Abdullah Bin Amer Al-Sawahah; Chairman of STC Group, HH Prince Mohammad Bin Khalid Abdullah Al Faisal Al Saud; Governor of SAMA, HE Dr. Ahmed Al-Khulaifi; Assistant Minister of Defense for Executive Affairs, HE Dr. Khalid Biary; as well as STC Group’s CEO, Eng. Nasser Al Nasser. “Digital financial services are one of the new growth paths of STC Group as per its digital growth and transformation strategy, especially at this time of rapid change in the telecommunications industry and digital information revolution”, Eng. Nasser Al Nasser said, pointing out that, “the new company provides a quality addition to the development of Digital Payments services in collaboration with major financial institutions and banks both locally and globally. The Chairman of STC Pay, Dr. Tareq Inaya, said that the online platform provides integrated digital financial services to companies and individuals alike. It enables business owners to reach a large segment of STC customers, allows individuals to benefit from secure and advanced digital financial services that are in line with their expectations, and facilitates daily purchases and transactions. For his part, STC Pay’s CEO, Saleh Mosaibah, said that the company will provide its services in the form of a digital wallet which the customer recharges to pay for his purchases at shops, restaurants, and application stores at any time. The service also makes it easier to send and receive money from and to family and friends through the contact list. It also allows to transfer money to any bank account within Saudi Arabia, to pay STC bills through the app, and to recharge SAWA card. STC Pay is a Saudi financial services firm entirely owned by STC. It provides FINTECH services for companies and consumers alike, including funders and retailers, beginning with payments and remittances. It was established in 2017 to keep pace with Saudi Arabia’s digital transformation and transition to a non-monetary society as per Saudi Vision 2030 and SAMA regulations.
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