Moven and the Saudi Digital Payments Company (STC Pay) announce Agreement to Collaborate on new Fintech Banking Service
NEW YORK, March 17, 2020 /PRNewswire-PRWeb/ -- Movencorp, Inc. and the Saudi Digital Payments Company (STC Pay), based in the Kingdom of Saudi Arabia, entered into a multi-country, long term agreement to provide Moven's patented financial wellness platform solutions as STC Pay becomes the Kingdom's first fintech neo-banking service under an Electronic Money Institution license. STC Pay launched its digital wallet as an app in 2018 allowing users to pay bills, share and send money as well as paying for everyday expenses. This will extend on this platform to offer day-to-day banking capabilities.
Brett King, Founder and Executive Chairman of Moven, said of the agreement, "We've spent the last 10 years perfecting a day-to-day smart bank account that helps our customers get financially healthy, so when STC Pay wanted to accelerate the launch of their challenger, Moven was the obvious choice. We're delighted that STC has chosen us to be their partner across the globe, and we look forward to helping accelerate their already strong growth."
Moven has helped institutions around the globe including TD Bank in Canada, Westpac in New Zealand, Yandex Money in Russia and BCA in Indonesia.
Ahmed Alenazi , the CEO of STC Pay added, "we have strived to create the best FinTech service in the Kingdom and the MENA region in Oct 2018. Fortunately, we pioneered such services in the Kingdom and in doing so acquired over 2 million customers in just 10 months' time, whilst also obtaining the EMI licenses from Saudi Authority Monetary Agency SAMA. Moven, with all its expertise is the perfect choice to ultimately enable us to achieve new heights."
Khalid Bin Sulaiman Aljasser the Chairman of STC Pay shared his insights. "The incredible growth curve STC Pay is experiencing shaped our global expansion expectations wherein our operations reached international markets. STC Pay's ability to reach a high level of financial security standards and global banking/financial standards and measurement allowed to us to be recognized and trusted by government monetary authorities globally. Our partnership with Moven will articulate a melody of Digital Banking services globally resulting in better and bigger success."
The initial roll out is planned for the summer of 2020 contingent on Coronavirus impact.
About STC Pay
In harmony with the Kingdom's Vision 2030 to progress and diversify digital services; STC Pay, a subsidiary of STC Group, has been built to become a pioneering service of the futuristic wave that enables new endeavors and unlocks new possibilities. We share a future vision with customers and businesses to provide new and innovative technologies and digital experiences. Using STC's powerful network, we are able to better connect merchants with their customers through our secure digital wallet solution, STC Pay, to empower both sides to complete their transactions quickly, easily, and securely.
STC Pay is an integrated payment application in the process of launching a challenger bank under the SAMA sandbox initiative and Electronic Money Institution (EMI).
To learn about STC Pay, visit http://www.stcpay.com.sa
About Movencorp, Inc.
Movencorp, Inc. is headquartered in NYC with dedicated employees around the globe. Movencorp leads banking-as-a-service innovation in AI/ML driven smart-banking technologies in order to drive financial wellness and smart day-to-day banking capabilities. Movencorp, Inc is the only company to have a U.S. patent for Financial Wellness, in addition to a Moven Oath which underscores our commitment to helping individuals around the globe achieve financial awareness.
To learn more visit http://www.movenenterprise.com.
Media Contact:
Monika Pollick
Moven
New York, NY
Monika@moven.com
+1 201-463-7580
Abdulrahman Alageel
STC Pay
Riyadh, KSA
aalageel@stc.pay.com.sa
SOURCE Moven
