Moven corp, a leader of banking-as-a-service innovation and the Saudi Digital Payments Company (STC Pay), based in the Kingdom of Saudi Arabia, entered into a multi-country, long term agreement to provide Moven’s patented financial wellness platform solutions as STC Pay becomes the first fintech neo-banking service under an Electronic Money Institution license in the Kingdom. STC Pay launched its digital wallet as an application in 2018 permitting users to pay bills, share and send money as well as paying for everyday expenses. This will extend on this platform to offer day-to-day banking capabilities.
Brett King, Founder and Executive Chairman of Moven, said of the agreement, “We’ve spent the last 10 years perfecting a day-to-day smart bank account that helps our customers get financially healthy, so when STC Pay wanted to accelerate the launch of their challenger, Moven was the obvious choice. We’re delighted that STC has chosen us to be their partner across the globe, and we look forward to helping accelerate their already strong growth.” Fintech News
Moven has helped institutions worldwide including Westpac in New Zealand, TD Bank in Canada, Yandex Money in Russia and BCA in Indonesia.
The CEO of STC Pay Ahmed Alenazi, added, “we have strived to create the best FinTech service in the Kingdom and the MENA region in Oct 2018. Fortunately, we pioneered such services in the Kingdom and in doing so acquired more than 2 million customers in just 10 months’ time, whilst also obtaining the EMI licenses from Saudi Authority Monetary Agency SAMA. Moven, with all its expertise, is the perfect choice to ultimately enable us to achieve new heights.”
The Chairman of STC Pay, Khalid Bin Sulaiman Aljasser, shared his insights. The incredible growth curve STC Pay is experiencing shaped its global expansion expectations wherein its operations reached international markets. The ability of the Saudi Digital Payments Company to reach a high level of financial security standards and global banking/financial standards and measurement allowed it to be recognized and trusted by government monetary authorities globally. Its partnership with Moven will articulate a melody of Digital Banking services globally resulting in better and bigger success.
