The Saudi Telecom Company (STC) said that its investment arm, STC Pay, signed a memorandum of understanding (MoU) with the US-based Visa to provide international payment services.

Under this deal, STC Pay will allow its clients to own digital portfolio that will enable them to control their payments, CEO Saleh Mosaibah said.

STC’s unit will also allow customers to send and receive money from families and friends after launching their portfolios, he added.

In October, STC announced the establishment of STC Pay, an investment arm specialized in digital payments, along with providing financial technology services for individuals and companies.

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The step was part of STC’s efforts to implement its role in achieving Saudi Vision 2030, which focuses on opening up public service sectors such as education highlighting a commitment to developing human capital and allowing the private sector to enable long-term positive change for Saudi citizens.

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