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STC Launches New Digital Payment Service

STC Launches New Digital Payment Service
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STC Launches New Digital Payment Service

STC Launches New Digital Payment Service

Saudi Telecom Company (STC) has launched a new investment arm for electronic payments under the name “STC Pay”. The STC Pay was launched as part of the kingdom’s digital transformation strategy, a vital part of Saudi Vision 2030.

SAMA Governor Dr. Ahmed Al-Khulaifi said that the kingdom is heading forward in reducing monetary usage and diversifying innovative solutions. He added that the payment systems in the kingdom are witnessing a remarkable development that started more than 30 years ago.

In this context, STC board chairman Prince Mohammed bin Khalid al-Faisal said that launching STC Pay is a key step on the level of digital payments – the aim of this is to enable individuals to have a control over their payments.

Nasser Al Nasser, CEO, Saudi Telecom Company, stated that the digital financial services are of the new growth tracks of STC, especially at the time when quick transformations are witnessed in the telecommunications industry and the digital data revolution.

STC Senior Vice President of Enterprise Dr. Tarig Enaya highlighted that the e-portal offered by STC Pay provides comprehensive financial digital services for firms and individuals.

Meanwhile, Saleh Mosaibah, STC Pay’s chief executive, said the new service will be available through an e-wallet that will be loaded to enable client payments everywhere.

The new application also facilitates transferring and receiving money from client contact list, and transferring funds to various bank accounts across the Kingdom. STC invoices can be also paid through this wallet, Mosaibah added.

STC Pay was established in 2017 as a wholly-owned subsidiary of STC to provide FinTech services for corporates and individuals.

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Gold Scales 2-week High as Fed Signals Likely Sept Rate Cut

Gold bullion displayed in a store in the German city of Pforzheim (dpa)
Gold bullion displayed in a store in the German city of Pforzheim (dpa)
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Gold Scales 2-week High as Fed Signals Likely Sept Rate Cut

Gold bullion displayed in a store in the German city of Pforzheim (dpa)
Gold bullion displayed in a store in the German city of Pforzheim (dpa)

Gold prices hit a two-week high on Thursday as US Federal Reserve Chair Jerome Powell opened the door to cutting interest rates as early as September.
Spot gold was little changed at $2,445.39 per ounce, as of 0650 GMT, after hitting its highest since July 18 earlier in the session. Prices were just $38 shy of the record high of $2,483.60 scaled on July 17.
US gold futures firmed 0.7% to $2,490.10, Reuters said.
"The trend for gold remains bullish and prices should hit $2,500 this year as the Fed lowers interest rates," said Peter Fung, head of dealing at Wing Fung Precious Metals.
Fed Chair Jerome Powell said on Wednesday rates could be cut as soon as September if the US economy follows its expected path, putting the central bank near the end of a more than two-year battle against inflation.
Zero-yield gold tends to thrive in a low interest rate environment.
"Gold bugs may want to warrant some caution above $2,500, given gold's reluctance to hold onto gains around these levels," City Index senior analyst Matt Simpson said.
Market focus shifts to Friday's US payrolls report.
"If the data comes in much hotter than expected, that could dent gold as we head towards the weekend," Simpson added.
Elsewhere, Hamas leader Ismail Haniyeh was assassinated in the Iranian capital Tehran early on Wednesday morning, an attack that drew threats of revenge on Israel and fueled further concerns that the conflict in Gaza was turning into a wider Middle East war.
Geopolitics is increasingly more supportive for gold in the medium and long term, Nicky Shiels, head of metals strategy at MKS PAMP SA said in a note.
Spot silver fell 0.4% to $28.92, platinum lost 0.4% to $972.35 and palladium eased 0.2% at $923.60.
Key metals consumer China's manufacturing activity in July shrank for the first time in nine months, a private sector survey showed.