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Western Union acquires $200-million stake in Saudi telecom unit

Saudi Telecom will inject 400 million riyals ($107 million) as additional capital stc pay and a further 802 million riyals if it manages to obtain a digital banking license, according to a statement

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1 min read Last Updated : Nov 23 2020 | 2:03 AM IST

Western Union Co. acquired a 15% stake in stc pay, a unit of Saudi Telecom Co. that’s focused on digital payments and financial technology services, for $200 million.

Saudi Telecom will inject 400 million riyals ($107 million) as additional capital stc pay and a further 802 million riyals if it manages to obtain a digital banking license, 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.

Topics : Saudi Arabia telecom sector