Saudi Arabia’s leading payments solutions provider stc pay has underlined its commitment to working closely with the local leadership to create a cashless society. Participating in the 2022 edition of Mobile 360, one of the region’s most influential connectivity events, the brand reiterated its aim to develop an inclusive digital economy, pioneering online banking services that transform lives and realizing the goals of Saudi Vision 2030.
Attended by more than 70 percent of major mobile network operators and developers of technical infrastructure services, Mobile 360 Riyadh brought stakeholders from ministries, regulatory bodies, and the broader mobile ecosystem together to drive the growth of the digital economy.
Joined by a lineup of experienced industry leaders, stc pay’s Vice President of Business Saad Al-Muhanna took part in a panel discussion addressing the future of fintech and financial services in the region. The session explored the impact of COVID-19 on the digital transformation of the MENA economy, spotlighting the advances made by regional startups and scale-ups following investments of more than $200 billion in 2021.
During the panel, Al-Muhanna emphasized that innovative companies and brands will be instrumental to safeguarding the Kingdom’s future, calling attention to the contributions made by digital wallets and financial firms, such as stc pay, to the development of the Kingdom as a world-class commercial hub.
He said: “The pandemic was a difficult test for many sectors and entities in terms of going digital. There was also the struggle of providing their services to customers even at the time of the pandemic, and perhaps the digital payments sector was one of the readiest sectors that was not affected by the consequences of the pandemic. The fintech sector is led by stc pay, and we were ready to grow, progress, and continue to provide our services to customers and different sectors. This was only capable of being done due to the proactive development and adoption of digitization and regulatory support.”
Al-Muhanna added: “The pandemic has a major role to play not only in ensuring the continuity of the sector, but also in helping other sectors continue and grow.”