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  • 03-02-20

    STC Pay gets non-bank financial institutions license SAMA

    (MENAFN) Saudi Arabian Monetary Authority (SAMA) have given STC Pay, the mobile wallet open in late 2018 by Saudi Telecom Co. (STC), the non-bank financial institutions license and it's now one of the first 2 firms to have it.


    According to a statement by SAMA, STC Pay, which works as an independent subsidiary of STC, has been licensed as an electronic wallet corporation; it added that, the mobile wallet was part of SAMA's sandbox and got the license after the success of the assessment period in the experimental environment.


    As said by STC Pay CEO Ahmed Alanzi, "we served 2 million customers within the first year of our launch, and the mobile app was downloaded 3.2 million times."


    He added that, STC Pay is the biggest electronic wallet in the Middle East and North Africa (MENA) region.

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