Riyadh – Mubasher: stc pay, a subsidiary of Saudi Telecom Company (stc), has signed an agreement with Saudi Payments to enhance cooperation and knowledge exchange in the field of non-cash payments.

Saudi Payments Company is fully owned by the Saudi Arabian Monetary Authority (SAMA).

The agreement is part of a strategy by stc in line with the digital transformation targets, as well as plans to develop the financial sector by boosting financial inclusion and reducing the dependence on cash, according to Ahmed Al Anazi, CEO of stc Pay.

Commenting on the agreement, Ziad bin Bandar Al Yousef, CEO of Saudi Payments, said it will help raise the level of provided services and make the best use of the payment infrastructure in Saudi Arabia.

The agreement comes after the success of stc pay, which obtained a fintech license as an e-wallet from SAMA, Al Yousef further noted.