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 TAQA, JERA, Al Bawani Capital to develop 2 power plants in Saudi Arabia Efficio’s Adam Forgács on local content’s role in economic diversification Trump’s policies may hit EMs, but Saudi stays safe: Citigroup Lenovo, world’s largest PC maker, to launch factory in Saudi Arabia