Kingdom’s move to a digital economy gives rise to increased demand for digital payment solutions.
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.
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.
Source: Refinitiv Press Release