STC Bank Partners with Mastercard to Launch Seamless International Transfers via Mastercard Move
STC Bank has announced a strategic partnership with Mastercard, enabling its retail and corporate clients to conduct international money transfers easily, quickly, and securely through the advanced Mastercard Move platform.
This collaboration aligns with Saudi Arabia’s Vision 2030, supporting the digital transformation of the financial sector and meeting growing consumer demand for faster and more flexible financial services.
Through the platform, STC Bank customers can send money to over 120 countries worldwide efficiently and reliably, whether supporting family members abroad or facilitating corporate international payments.
Onur Korsun, Head of New Payment Platforms for Eastern Europe, Middle East, and Africa at Mastercard, commented:
"Today’s customers need fast and secure payment solutions they can rely on anytime, anywhere. Our partnership with STC Bank, through Mastercard Move, provides a simple and trusted way to send and receive funds with confidence."
Mohammed Rifai, Acting CEO of STC Bank’s Commercial Sector, added:
"We aim to be the leading digital bank in the Kingdom. Our partnership with Mastercard enhances our ability to offer innovative and flexible money transfer solutions that support individuals and businesses and contribute to the growth of the Saudi economy."
Multiple Options for Receiving Funds
Research by Mastercard shows that international remittance recipients value speed, transparency, and ease of use, while limited payout options often create challenges. Through this partnership, recipients can receive funds via bank accounts, digital wallets, cards, or cash, catering to diverse needs.
The Mastercard Move platform provides banks and financial institutions with fast, secure domestic and international transfer capabilities, reaching over 200 countries and territories, 150 currencies, and more than 95% of the world’s banked population. Features include payment tracking, fee visibility, estimated arrival times, and flexible receiving options.