Mastercard has announced a collaboration with STC Bank, a subsidiary of state-owned Saudi Telecom Company, to empower its customers in the kingdom – both consumers and businesses – with greater access to a broad range of cross-border payment services, leveraging Mastercard Move’s innovative money movement capabilities.

In line with Vision 2030, the collaboration is fully geared towards transforming the Saudi payments landscape by accelerating the digital transformation of Saudi financial services in accordance with growing digital adoption and consumers’ changing preferences, said the statement from Mastercard.

Leveraging Mastercard Move - Mastercard’s portfolio of money movement capabilities - the collaboration will enable STC Bank’s customers to benefit from fast, secure, reliable, and cost-efficient digital cross-border transfers from Saudi Arabia to 120 countries - meeting the needs of consumers and businesses across the country in search of fast and flexible virtual payments solutions.

Mastercard Move provides banks and non-bank financial institutions with fast, secure money movement solutions, both domestically and internationally. 

The portfolio of solutions reaches more than 200 countries and territories and 150+ currencies, with access to more than 95% of the world’s banked population, it stated.

"There is a clear and immediate need for responsive solutions that enable consumers to access fast, secure and reliable payments, wherever and however they choose," said Onur Kursun, Executive Vice President, Commercial and New Payment Flows, Eastern Europe, Middle East and Africa (EEMEA), Mastercard. 

"We are pleased to have joined hands with STC Bank to facilitate such payments experiences for STC Bank customers. With Mastercard Move, we open the door to the future of payments, enabling people and businesses to send and receive money with confidence and ease," he stated.

Mohammad Refaie, Acting Chief Commercial Officer in STC Bank, said: "As part of our mission to serve as Saudi Arabia’s leading digital bank, we are fully committed to transforming financial services in the Kingdom and wider region."

"Our collaboration with Mastercard has been launched with the goal of offering access to innovative cross-border payments solutions that reshape the Kingdom’s economic landscape for the better," he noted.

"Crucially, Mastercard’s Borderless Payments research shows that people sending money abroad continue to prioritise speed, transparency and ease of use. More than one in three senders said their families had limited access points to receive funds, reinforcing the need for a wider range of payout options such as bank accounts, mobile wallets, cards and cash," he noted. 

Mastercard's collaboration with STC Bank directly supports these needs by expanding secure, reliable and easily accessible cross-border payment services, ensuring people can receive money in the way that works best for them, he added.-TradeArabia News Service