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Western Union Buys $200 Million Stake in Saudi Telecom Unit

STC Pay launched a digital wallet mobile application in 2018.
Photographer: Vivian Nereim/Bloomberg

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By Reema Al Othman

November 21, 2020 at 4:14 PM UTC

Updated on

November 22, 2020 at 5:19 AM UTC

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Western Union Co. acquired a 15% stake in stc pay, a unit of Saudi Telecom Co. that’s focused on digital payments and financial technology services, for $200 million.

Saudi Telecom will inject 400 million riyals ($107 million) as additional capital stc pay and a further 802 million riyals if it manages to obtain a digital banking license, according to a statement.