The company will inject additional USD 214 million to retain 85% of STC Pay's share capital, with Western Union investing USD 200 mln for the remaining 15%.
Saudi Arabia's central bank has licenced 16 Saudi fintech companies in recent months to provide payment services, microfinance, and digital insurance brokerage. In addition, there are 32 fintech companies operating under the regulatory sandbox environment designed for testing innovative services and products in the kingdom.
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