Western Union, which already partners the Saudi Telecom spinoff on cross-border money transfers, is acquiring a 15% stake in the digital wallet provider.

Saudi Arabia-based telecommunications firm Saudi Telecom is spinning off digital payment subsidiary STC Pay with $200m in funding from currency transfer service Western Union.

STC Pay has built a digital wallet platform that allows users to securely send and receive money as well as pay for goods and services, pay utility bills and transfer cash internationally to more than 525,000 Western Union branches.

The Western Union investment is expected to formally close in early 2021 and will give the corporate…

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Robert Lavine

Robert Lavine is special features editor for Global Venturing.
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