Riyadh – Mubasher: Saudi Telecom Company (stc) announced that its electronic payment subsidiary (stc pay) has obtained a fintech license as an e-wallet from the Saudi Arabian Monetary Authority (SAMA).

This makes “stc pay” the first licensed fintech company in Saudi Arabia, according to a company statement on Sunday.

stc pay currently has around two million clients, after one year from launching the company, with around 3.2 million downloads for its application for smart devices, according to the company’s CEO, Ahmed Al Enezi.

stc pay is now the largest e-walled in the Middle East and North Africa (MENA) region, he added.