SAMA licenses STC Pay as electronic wallet firm in Saudi Arabia

03/02/2020 Argaam

 

STC Pay, the mobile wallet launched in late 2018 by Saudi Telecom Co. (STC), has become one of the first 2 companies to be granted the non-bank financial institutions license from Saudi Arabian Monetary Authority (SAMA).

 

STC Pay, which operates as an independent subsidiary of STC, has been licensed as an electronic wallet company, SAMA said in a statement.

 

The mobile wallet was part of SAMA’s sandbox and received the license after the success of the trial period in the experimental environment, it further added.

 

“We served 2 million customers within the first year of our launch, and the mobile app was downloaded 3.2 million times,” STC Pay CEO Ahmed Alanzi said.

 

He further noted that STC Pay is the largest electronic wallet in the Middle East and North Africa (MENA) region.

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