STC signs agreements with digital, IT solution providers at Seamless Saudi Arabia
Riyadh – Mubasher: Saudi Telecom Company (stc) penned cooperation agreements with digital platform PayTabs as well as information technology (IT) solution provider Brightware during their participation in Seamless Saudi Arabia 2023.
stc signed the agreement with Brightware on the first day of the event, 4 September, to develop digital payment systems by offering SADAD Aggregator service. The solution is part of SADAD Aggregators which are certified entities by SADAD of Saudi Payments to allow new, easy, and low-cost ways of integration and benefiting from SADAD solutions to serve small and medium-sized enterprises (SMEs) in Saudi Arabia.
On the second day of the event, 5 September, stc announced its collaboration with digital solution provider PayTabs to provide an e-payment gateway and empower the business and e-commerce sectors with the latest tech solutions.
It is worth noting that the Saudi Central Bank (SAMA) announced the licensing of BrightWare in September 2020, upon its graduation from SAMA regulatory sandbox.
In 2020, financial technology service provider PayTabs, in partnership with the EGX-listed EFG Hermes launched PayTabs Egypt to develop a platform for financial inclusion that can cater to online and digital payment needs in the Arab republic.
During the first half (H1) of 2023, stc generated net profits worth SAR 6.11 billion as well as a revenue of SAR 36.50 billion, which was considered the highest semi-annual revenues in the company’s history.