STC Bank, a subsidiary of state-owned Saudi Telecom Company, has joined Mastercard in a strategic collaboration aimed at scaling access to cross-border payments in the kingdom.
To achieve this, STC Bank is set to utilise Mastercard Move’s money movement capabilities. Additionally, falling in line with Vision 2030, the partnership focuses on optimising the Saudi payments landscape by supporting the digital transformation of financial services in the region based on the expanding digital adoption and consumers’ evolving preferences.
Payments across borders
By using Mastercard Move, the company’s portfolio of money movement capabilities, the initiative is set to allow STC Bank’s customers to benefit from fast, secure, reliable, and cost-effective digital cross-border transfers from Saudi Arabia to 120 countries. Through this, the two companies plan to serve the needs of consumers and businesses across the country, providing them with efficient and flexible virtual payment solutions.
Mohammad Refaie, Acting Chief Commercial Officer in STC Bank, expanded on this, saying that, as part of the company’s goal to solidify its position in the Saudi Arabian financial space, STC Bank is committed to improving financial services in the Kingdom and wider region. He added that the partnership with Mastercard will centre on facilitating access to advanced cross-border payment solutions that augment the Kingdom’s economic landscape.
Furthermore, the decision to collaborate follows recent data from Mastercard’s Borderless Payments research showing that individuals sending money abroad continue to put efficiency, transparency, and ease of use at the forefront. Also, more than one in three senders mentioned that their families had limited access to receive funds. This scales the need for a wider range of payout options, including bank accounts, mobile wallets, cards, and cash.
By partnering with STC Bank, Mastercard intends to directly meet these needs by offering secure and reliable cross-border payment services and ensuring that individuals can receive money however it works best for them.
