Western Union’s investment will be used to finance stc pay’s capital and support long-term expansion plans. The completion of the transaction will be conditional upon obtaining all relevant regulatory approvals.
“We are proud that our work is contributing to the success and ambition of the country vision towards thriving and diversified economy. We are highly encouraged by the fact that such a company as Western Union has determined that at this moment in time they are prepared to make a significant Foreign Direct Investment in stc pay. For us at stc group it reflects our position as a digital enabler and an ICT regional champion as we celebrate the creation of the first Saudi unicorn and the first fintech unicorn in the Middle East.”HRH Prince Mohammed bin Khalid Abdullah Al Faisal Chairman of stc group
stc pay is the first licensed FinTech company in the Kingdom by the Saudi Arabian Monetary Authority (SAMA) and the largest digital wallet in the MENA region with more than 4.5 million users. It has been established in harmony with the objectives of Saudi VISION 2030 to support the growth of the national economy and achieve the strategic goals of the financial sector program, which is to enhance financial inclusion and reduce dependence on cash.
The agreement will have a positive impact on stc pay in the short and long run, that will have a positive operational and financial impact moving forward. The amount collected from this deal will be used to enhance stc pay growth and its own resources in order to support the expansion plans.
“As a digital enabler and a pioneer in the digital transformation, we aspire to play a vital role in the vision of the Saudi Arabian Monetary Authority (SAMA) in many initiatives that support creativity and developing the financial services, as Fintech is a pillar of stc strategy. We are proud that stc pay has not only reached unicorn status but also has been recognized as a fintech national champion in a very short time, and that motivates us to devote more efforts to provide more products to enhance the customer’s experience.”Nasser Alnasser stc Group CEO
The Western Union Company is a global leader in cross-border, cross-currency money movement and payments. Its omnichannel platform connects the digital and physical worlds and makes it possible for consumers and businesses to send and receive money and make payments with speed, ease, and reliability. As of September 30, 2020, the company’s network included over 550,000 retail agent locations offering its branded services in more than 200 countries and territories, with the capability to send money to billions of accounts.
“stc pay has rapidly developed a leading regional digital payments service over the past two years and has been a highly successful digital partnership for Western Union. Looking forward, we believe stc pay is well positioned for continued expansion in digital payments and we are excited about the opportunity to extend our relationship.”Hikmet Ersek, CEO and President, Western Union