RegTech company Refinitiv has been tapped by STC Pay, the financial arm of the Saudi Telecom Company, to help it comply with know your customer and anti-money laundering regulations.
The move comes as Saudi Arabia’s is aiming to cut the country’s dependency on oil by diversifying its economy. A part of this push is to roll out initiatives to foster a cashless society.
When they do, they have to comply with the regulations that ensures proper conduct. And that is where Refinitiv can help STC Pay.
“We’re pleased to have been chosen by STC as it establishes a robust compliance programme to support its move into digital payments,” said Nadim Najjar, managing director of the Middle East and Africa at Refinitiv. “As the Saudi market adapts to the changes impacting the traditional payment models of the past, it’s critical for local market leaders to rely on sound data and advanced technology tools to help protect the financial system from criminal activities.”
Ahmed Alanazi, CEO of STC Pay, added, “Last year, Saudi Telecom Company announced the launch of a subsidiary called Saudi Digital Payment company offering a mobile wallet application to meet the daily needs of local consumers. As we move towards a more cashless economy, we require a robust infrastructure that enables us to deliver on the digital and security requirements of the kingdom’s long term economic financial programme.”
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