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November 21, 2019
STC Pay selects Refinitiv's World-Check to support AML compliance as it moves to cashless payments
Kingdom’s move to a digital economy gives rise to increased demand for digital payment solutions.
London / Riyadh – STC Pay, the financial arm of the Saudi Telecom Company, has selected World-Check from Refinitiv to help support its compliance with Know-Your-Customer (KYC) and Anti-Money Laundering (AML) regulations as it launches a new digital payment solution.
As part of the Crown Prince’s 2030 Vision, the Kingdom of Saudi Arabia is rolling out new incentives to foster cashless payment technologies. With the growth of non-cash transactions in Saudi Arabia, STC has been offering new digital payment solutions that meet the local market demand.
Refinitiv’s World-Check Risk Intelligence is used by regulated companies to help screen for financial crime risks as part of their anti-money laundering compliance programmes. As businesses embrace the benefits and opportunities offered by the digital economy, they must also increase their efforts to protect themselves and their customers from crimes such as fraud and money laundering. Understanding the identity of customers through reliable and thorough screening tools is now a critical part of doing business for a range of financial services providers from banking through to electronic payments.
“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 Program,” said Ahmed Alanazi, Chief Executive Officer of STC Pay.
Refinitiv has a strong presence in the Middle East and successfully developed a sound regulatory, governance and risk community in the Kingdom through various compliance programmes carried out in collaboration with local governmental entities in Saudi Arabia.
“We’re pleased to have been chosen by STC as it establishes a robust compliance programme to support its move into digital payments. 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,” said Nadim Najjar, Managing Director, Middle East and Africa, Refinitiv.
Refinitiv’s World-Check Risk Intelligence database delivers accurate and reliable data that assist clients’ in their decision-making processes. It employs hundreds of specialist research analysts across the globe, who adhere to stringent research guidelines when collating information from reliable sources - such as watch lists, government records, and reputable media publications.
About STC Pay
STC Pay is the financial arm of the Saudi Telecom Company and provides financial technology services to individuals and companies. STC Pay, in-line with the Saudi Arabian Monetary Agency and their pivotal role in Saudi’s Vision 2030, is an engine for STC's strategy for growth and digital transformation.
STC Pay officially launched its digital wallet in the form of a mobile app in October, 2018. The STC Pay digital wallet enables individuals and businesses to control their payments easily and securely, which include paying for services or products (at over 40 thousand points of sale as of September 2019), paying certain bills, sharing money, as well as sending and receiving money locally via mobile contacts and banks, and internationally through our partnership with Western Union. It enables businesses to reach a large segment of users, and enables individuals to benefit from secure and sophisticated digital financial services. Its transactions offer the highest security and are easy, quick, fully automated, and are unaffected by holidays or business hours.
Refinitiv is one of the world’s largest providers of financial markets data and infrastructure, serving over 40,000 institutions in over 190 countries. It provides leading data and insights, trading platforms, and open data and technology platforms that connect a thriving global financial markets community - driving performance in trading, investment, wealth management, regulatory compliance, market data management, enterprise risk and fighting financial crime. For more information visit: www.Refinitiv.com.
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