STC Pay’s digital wallet app, which launched in 2018, allows users to make purchases, pay bills and transfer money to contacts in their phones, local bank accounts or international Western Union agents. Both fintechs say their collaboration will help them expand faster than they could have on their own and deliver financial wellness and banking services to customers hungry for such services.
It operates under a license from the Electronic Money Institution through the Saudi Arabian Monetary Authority and is part of STC Group, the largest telecom in Saudi Arabia. In its first 10 months after exiting the pilot stage, STC Pay racked up 2 million users. The entire population of Saudi Arabia is about 35 million people.
Moven is building the user experience for day-to-day banking in STC Pay, as well as providing access to a private cloud integrated into a core banking system and payments processor gateway.
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