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 UAE’s Julphar divests Zahrat Al Rawdah Pharmacies Will they or won’t they? Talk of Saudi cutting oil prices for Asia Saudi PIF signs MoUs with Japanese lender worth up to $51bn Saudi Arabia’s Hassana to back $2bn Brookfield Middle East fund