FILE PHOTO: A man sits on a chair next to Western Union currency exchange office in Prague, Czech Republic, September 8, 2017.
REUTERS/David W Cerny/File PhotoDUBAI (Reuters) - Western Union, the world’s largest money transfer firm, has acquired a 15% stake in the digital payment unit of Saudi Arabia’s STC Group for $200 million.
He said the deal created the first “Saudi unicorn and the first fintech unicorn in the Middle East”.
Reducing dependence on cash is part of Saudi government efforts to modernise the economy of the world’s largest oil exporter.
STC said its stc pay unit is the first licensed fintech company by the Saudi Arabian Monetary Authority, the Saudi central bank, and has more than 4.5 million users.
David W Cerny, Mohammed bin Khalid Abdullah Al Faisal
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Prague, Czech Republic, Western, Saudi