The Saudi Digital Payments Company (STC Pay) has signed an agreement with the Saudi Payments Company, to raise cooperation in noncash payments sector and benefit from the 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 toward a digital society in line with the goals of the Kingdom’s Vision 2030.
STC Pay CEO Ahmed Al-Enezi said STC Pay’s 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.
“This agreement will enable financial institutions to provide advanced services in the financial sector, which supports the national economy growth and fulfills the strategic goals of the Financial Sector Development Program (FSDP), such as enhancing financial inclusion and reducing dependence on cash,” added Al-Enezi.
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 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 FSDP, one of the Kingdom’s Vision 2030 programs.”
STC Pay is considered to be the largest digital financial wallet in the MENA region. It was established in 2018, and is fully owned by STC. It is also the first financial technology company licensed by the Saudi Arabian Monetary Agency (SAMA), providing digital banking services for the corporate and consumer sectors in order to keep pace with the digital transformation in the Kingdom and transition toward a non-monetary society.
The payments sector in Saudi Arabia has witnessed notable developments during the past 30 years, as SAMA worked hand-in-hand with the financial sector to develop national payment systems, in accordance with the latest technical and international standards.