RIYADH, 13 April — Saudi Arabia’s commercial banks in coordination with the Saudi Telecom Company (STC) have started to provide domestic and international money transfers to its clients through the WAP (wireless application protocol) service.
A high-level banking source told Arab News that the National Commercial Bank initiated the new service, which allows money transfers through mobile phones for its clients both within the Kingdom and to foreign countries.
Clients can get the WAP service by contacting STC.
The bank will charge SR30 for international transfers.
The mobile banking service will allow customers to check his bank balance, pay his public utility and credit card bills, make loan installments and pay subscriptions. He can also find out international currency prices and interest rates.
The new service comes against the backdrop of growing competition among Saudi commercial banks to provide various electronic banking services to their clients.
The Saudi American Bank recently introduced a Saudi stock exchange service through the Internet.
Meanwhile, Khaled Al-Milhem, executive president of STC, has said the company will shortly announce its financial results for the first time.
He described STC as one of the major telecommunication companies in the world.
Milhem added that the Kingdom decided to privatize the telecommunication sector in 1997 in a bid to strengthen this vital sector by encouraging investment.
STC now employs more than 23,500 people.
