STC Pay tees up Gulf expansion

STC Pay tees up Gulf expansion

Saudi operator STC was preparing to expand its digital payment services into United Arab Emirates, Kuwait, and Bahrain, with the company currently awaiting regulatory approval.

Reuters reported, Ahmed Alenazi chief executive of STC Pay, announced the company’s expansion into those locations is “subject to their regulatory approvals”.

He added an expansion into Egypt that was also on the horizon but the gulf nations are first.

Reuters asked Alenazi whether other prominent digital services markets such as Pakistan, India, and the Philippines were also on the cards. “We have to add value to the ecosystem. We are not looking just to be a regular player that comes with the same approach. We are looking to be innovative”.

The chief executive did not detail the company’s financials or growth, stating STC Pay has 4.5 million active users with half a million logging into the app every day. The company is aiming to become Saudi Arabia’s first licensed digital bank, which will enable it to expand its services to lending.

US-based financial services firm Western Union recently entered an agreement to acquire a minority stake in STC Pay for $200 million.


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