Mastercard has announced a collaboration with STC Bank, a subsidiary of Saudi Telecom Company, aimed at expanding access to secure and efficient cross-border payment services for consumers and businesses across the Kingdom.
Aligned with Vision 2030, the partnership supports the digital transformation of Saudi Arabia’s financial services landscape, responding to rising digital adoption and changing customer expectations. By leveraging Mastercard Move, Mastercard’s global money movement portfolio, STC Bank customers will be able to send digital cross-border transfers from Saudi Arabia to more than 120 countries.
The solution enables fast, secure, reliable, and cost-efficient payments, addressing the growing demand for flexible virtual payment services among individuals and enterprises. Mastercard Move connects more than 200 countries and territories across over 150 currencies, providing access to more than 95 percent of the world’s banked population.
Onur Kursun, Executive Vice President, Commercial and New Payment Flows for Eastern Europe, the Middle East and Africa at Mastercard, said there is a clear need for responsive solutions that allow consumers to access fast and reliable payments wherever and however they choose. He said the collaboration with STC Bank opens the door to the future of payments by enabling people and businesses to send and receive money with confidence and ease.
Mohammad Refaie, Acting Chief Commercial Officer at STC Bank, said the partnership reflects the bank’s mission to serve as Saudi Arabia’s leading digital bank. He noted that the collaboration is designed to provide innovative cross-border payment capabilities that reshape the Kingdom’s financial ecosystem.
Refaie cited Mastercard’s Borderless Payments research, which shows that users prioritise speed, transparency, and ease of use when sending money abroad. More than one in three senders reported that recipients have limited access points, underscoring the need for diverse payout options including bank accounts, mobile wallets, cards, and cash.
The collaboration directly addresses these needs by expanding secure and accessible cross-border payment services, ensuring recipients can receive funds through channels that work best for them.
