Home GCC Saudi Arabia Western Union buys $200m stake in Saudi Telecom unit Western Union Co. acquired a 15 per cent stake in stc pay by Bloomberg November 22, 2020 Western Union Co. acquired a 15 per cent stake in stc pay, a unit of Saudi Telecom Co. that’s focused on digital payments and financial technology services, for $200m. Saudi Telecom will inject SAR400m ($107m) as additional capital stc pay and a further SAR802m if it manages to obtain a digital banking licence, according to a statement. stc pay is a financial company that launched a digital wallet mobile application in 2018. The e-platform provides digital and financial services to individuals and companies, and facilitates financial transactions and payments. Tags Digital Banking Licence digital payments Saudi Arabia telecom Western Union 0 Comments You might also like Saudi Arabia’s Q1 GDP contracts by 1.8%, oil sector weighs Saudi petrochemical group SABIC reports 62% plunge in profits The economy of language: Saudi Arabia’s young workers pivot to English GCC-wide weather alert: Saudi Arabia, Bahrain, Oman, Qatar issue advisories