Western Union buys $200m stake in Saudi Telecom unit

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.