Saudi Arabia is home to a burgeoning fintech scene that is evolving through a range of creative and innovative digital products. STC Pay has a central role in this rapid development.
The Kingdom of Saudi Arabia is embracing the latest financial technology. As developments gather pace, Deloitte has been appointed as the professional services provider for the Saudi Arabian Monetary Authority’s (SAMA) creation of a fintech ecosystem, which represents a key part of the Kingdom’s Vision 2030 programme.
This initiative will help to accelerate Riyadh’s ambition to become a leading fintech hub in the region, rivalling those already established in Bahrain, Abu Dhabi and Dubai.
In line with the Kingdom’s Vision 2030 aim to progress and diversify digital services, STC Pay – an integrated payment application and subsidiary of STC Group – connects merchants with their customers through its secure digital wallet solution, empowering both sides to complete their transactions quickly, easily and securely.
Providing a platform for innovation
Saleh Mosaibah, CEO of STC Pay, is witnessing Saudi Arabia’s fintech revolution first hand. “The Kingdom’s digitalisation is driven by a tech-savvy young population, which is now the largest demographic in the country,” he explains. “Interest and investment in fintech is growing, which will transform the Kingdom into a digital and cashless country. SAMA’s FintechSaudi and the recent decision to set up a sandbox regulatory environment will have a positive impact on fintech investment and enable foreign and regional investors to invest in these new companies.”
SAMA launched the FintechSaudi initiative in 2018 with the aim of supporting the Kingdom’s growing fintech ecosystem, promoting it as a thriving, responsible network of banks, investors, companies, colleges and state institutions working together to power financial inclusion and the rise of digital transactions.
FintechSaudi’s areas of focus include digital payments (including mobile POS payments and digital commerce), international and local transfers and marketplace lending (peer-to-peer) platforms for the Kingdom’s businesses.
Earlier this year, STC Pay launched a new international remittance service that stacks up nicely with these priority areas. The service allows users to transfer money all over the world through STC Pay’s mobile apps. It was launched in partnership with Western Union, so the transferred money can be picked up at any Western Union location in the world.
“It allows customers to transfer money internationally and instantly through their mobile,” says Mosaibah. “With STC Pay they can transfer funds instantly to more than 525,000 Western Union locations worldwide and enjoy unique benefits, including competitive prices, instant refunds and notification of cash pick up.”
This is a timely new service, given Saudi Arabia’s growing remittance sector. For example, outward remittances from Saudi Arabia during the first half of 2018 alone amounted to nearly US$30 billion, according to a report by SAMA. Almost one third of the total was from expats. STC Pay is an essential cog in the Kingdom’s fast-moving financial wheel.
Mr Saleh Mosaibah will be discussing the development of Saudi Arabia’s fintech scene and STC Pay’s role within it at the 2019 IAMTN Global Summit, which takes place in London 2-3 October.
To find out more about the agenda and register, please visit the event website.