Global Remittance Company Western Union Buys Stake in Saudi Digital Payments Company
Posted on 11/22/2020
Global remittance company The Western Union Company entered into a definitive agreement to acquire a minority stake in Saudi Digital Payments Company (stc pay) a fully-owned subsidiary of Saudi Telecom Company. According to the terms of the transaction, Western Union will invest up to US$ 200 million for up to 15% ownership of stc pay. In conjunction with the investment, the companies extended the terms of their commercial relationship.
Western Union currently partners with Saudi Digital Payments Company providing money transfer services that allow stc pay’s users to send money from its app to 200-plus countries and territories in 130-plus currencies through Western Union’s global network of accounts, wallets, cards, and retail.