STC Bank, a subsidiary of the state-owned Saudi Telecom Company, has embarked on a strategic collaboration with Mastercard. This partnership is focused on expanding cross-border payment access within the Kingdom.

Utilizing Mastercard Move

The initiative plans to leverage Mastercard Move’s advanced money movement technologies. By doing so, STC Bank aims to enhance its customers’ ability to conduct fast and secure international transfers from Saudi Arabia to over 120 countries.

This strategic move aligns with the goals of Vision 2030, focusing on digital transformation in financial services to meet the evolving preferences and increasing adoption of digital payments among consumers in the region.

Enhancing Cross-Border Payments

Mohammad Refaie, Acting Chief Commercial Officer at STC Bank, highlighted that this collaboration will help strengthen the company’s presence within the Saudi Arabian financial sector. He emphasized the importance of providing advanced cross-border payment solutions to support both consumers and businesses across the country.

The partnership is designed to address the growing demand for efficient and transparent international payments. Mastercard cites research showing that senders prioritize ease of use, transparency, and efficiency when sending money abroad. Additionally, many recipients still face limitations in accessing funds, emphasizing the need for versatile payout options such as bank accounts, mobile wallets, cards, or cash.

This collaboration between STC Bank and Mastercard is aimed at bridging these gaps by offering reliable cross-border payment services that cater to diverse needs, ensuring that individuals can receive money through their preferred method.