STC Bank Partners Mastercard for Saudi Remittances

STC Bank has announced a collaboration with Mastercard to enhance cross-border payment services for customers across Saudi Arabia. The partnership leverages Mastercard Move’s money movement capabilities to provide fast, secure, and cost-efficient digital transfers to 120 countries worldwide.

STC Bank Mastercard Partnership Details

The collaboration aligns with Saudi Arabia’s Vision 2030 objectives to accelerate digital transformation in financial services. Through Mastercard Move, both individual consumers and businesses will gain access to enhanced cross-border payment solutions that meet growing demands for digital financial services.

The partnership addresses the evolving preferences of Saudi consumers and businesses seeking fast, flexible virtual payment solutions for international money transfers. Customers will benefit from transparent fee structures, trackable payments, and multiple payout options including bank accounts, mobile wallets, cards, and cash.

Mastercard Move Technology Features

Coverage extending to more than 200 countries and territories
Support for 150+ currencies
Access to over 95% of the world’s banked population
Real-time payment tracking and delivery estimates
Multiple payout methods for recipient convenience

According to Mastercard’s Borderless Payments research, money transfer users prioritize speed, transparency, and ease of use. More than one-third of senders reported that their families had limited access points to receive funds, highlighting the need for diverse payout options.

There is a clear and immediate need for responsive solutions that enable consumers to access fast, secure and reliable payments, wherever and however they choose.
Onur Kursun, Executive Vice President, Mastercard

Digital Banking Transformation in Saudi Arabia

Mohammad Refaie, Acting Chief Commercial Officer at STC Bank, emphasized the bank’s commitment to serving as Saudi Arabia’s leading digital bank. The collaboration with Mastercard represents a strategic move to offer innovative cross-border payment solutions that support the Kingdom’s economic development goals.

This partnership positions STC Bank to better serve the financial needs of Saudi consumers and businesses while contributing to the broader digital transformation of the Kingdom’s financial sector. The enhanced payment capabilities will support both personal remittances and business transactions across international markets.