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Tuesday, January 26, 2021
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The Global Economics
  • Banking
    Bank ABC Signs Acquisition Deal with Lebanese BLOM Bank for $480 Million

    Bank ABC Signs Acquisition Deal with Lebanese BLOM Bank for $480 Million

    Howden and Steadfast Join Hands to Launch Australian Broking Operation

    Howden and Steadfast Join Hands to Launch Australian Broking Operation

    BeGroup & VPBank Join Hands to Launch New E-Banking Solution

    BeGroup & VPBank Join Hands to Launch New E-Banking Solution

    Papua New Guinea with $250 Million COVID-19 Loan ADB Supports

    Papua New Guinea with $250 Million COVID-19 Loan ADB Supports

    Lightnet Group Builds Partnership with Siam Commercial Bank

    Lightnet Group Builds Partnership with Siam Commercial Bank

    Dubai Islamic Bank Completes Noor Bank Integration Successfully

    Dubai Islamic Bank Completes Noor Bank Integration Successfully

    Tarabut Gateway Launches Open Banking Platform in UAE

    Tarabut Gateway Launches Open Banking Platform in UAE

    Monzo Launches Premium Cards for Customers at £15 Per Month

    Monzo Launches Premium Cards for Customers at £15 Per Month

    Philippine Central Bank Expectant of $6 Billion Surplus in 2020

    Philippine Central Bank Expectant of $6 Billion Surplus in 2020

  • Finance
    Kuaishou Technology All Set to Raise $5.4 Billion in IPO

    Kuaishou Technology All Set to Raise $5.4 Billion in IPO

    Tower Capital Asia Raises  $250 Million on First Closing on Southeast Asian Fund

    Tower Capital Asia Raises $250 Million on First Closing on Southeast Asian Fund

    China Economy Rises 2.3% in 2020 From Coronavirus Gains

    China Economy Rises 2.3% in 2020 From Coronavirus Gains

    KKR & Co Closes Asian-Pacific Infrastructure Fund at US$3.9 Billion

    KKR & Co Closes Asian-Pacific Infrastructure Fund at US$3.9 Billion

    London Lifts Ban on Swiss Stock Trading Following the Split

    London Lifts Ban on Swiss Stock Trading Following the Split

    Amazon, JP Morgan, Berkshire Hathaway Put a Lid on Joint Venture Haven

    Amazon, JP Morgan, Berkshire Hathaway Put a Lid on Joint Venture Haven

    Tamkeen Cushions Private Sector With $2.2 Billion Support

    Tamkeen Cushions Private Sector With $2.2 Billion Support

    Abu Dhabi’s Securities Exchange Signs MOU With Tel Aviv Stock Exchange

    Abu Dhabi’s Securities Exchange Signs MOU With Tel Aviv Stock Exchange

    Chase and Air Canada Announce Partnership for Issuance of U.S. Credit Card

    Chase and Air Canada Announce Partnership for Issuance of U.S. Credit Card

  • Technology
    UK and Japan Sign £12M Worth Nuclear Decommissioning Deal

    UK and Japan Sign £12M Worth Nuclear Decommissioning Deal

    Ethio Telecom Reports 12% Growth in H1 Revenue Worth $693 Million

    Ethio Telecom Reports 12% Growth in H1 Revenue Worth $693 Million

    Nokia Bags 5G Contract from Proximus Luxembourg

    Nokia Bags 5G Contract from Proximus Luxembourg

    Cisco Acquires Two European Companies to Boost User Engagement

    Cisco Acquires Two European Companies to Boost User Engagement

    Amazon Launches IP Accelerator for SMBs Across Europe

    Amazon Launches IP Accelerator for SMBs Across Europe

    US Government Grants Qualcomm Permission to Sell 4G Chips to Huawei

    US Government Grants Qualcomm Permission to Sell 4G Chips to Huawei

    EU Council Appropriates Set of Conclusions on Future EU Intellectual Property Policy

    EU Council Appropriates Set of Conclusions on Future EU Intellectual Property Policy

    Mexico-Based C3ntro Telecom Selects Tejas Networks to Upgrade Broadband Network

    Mexico-Based C3ntro Telecom Selects Tejas Networks to Upgrade Broadband Network

    Intel Enters Into Agreement with SK Hynix to Sell its NAND Business for $9 Billion

    Intel Enters Into Agreement with SK Hynix to Sell its NAND Business for $9 Billion

  • Insurance
    QIIG and SAP Partner up on Digital Transformation Deal

    QIIG and SAP Partner up on Digital Transformation Deal

    UnitedHealth’s Optum Signs Acquisition Deal for Change Healthcare for $13 Billion

    UnitedHealth’s Optum Signs Acquisition Deal for Change Healthcare for $13 Billion

    Prudential Vietnam and SeABank Extend Bancassurance Partnership

    Prudential Vietnam and SeABank Extend Bancassurance Partnership

    French Insurer AXA Sells Gulf Business for $269 Million

    French Insurer AXA Sells Gulf Business for $269 Million

    Aviva Plc Sells Italian Life Insurance Venture to Partner UBI Banca

    Aviva Plc Sells Italian Life Insurance Venture to Partner UBI Banca

    Beazley Launches Specialized Commercial Insurance Solutions in Latin America

    Beazley Launches Specialized Commercial Insurance Solutions in Latin America

    Pacific Prime Singapore Joins WBN as Latest Member for Asia Pacific Region

    Pacific Prime Singapore Joins WBN as Latest Member for Asia Pacific Region

    AIG Splits Life Insurance Business; Zaffino to Become Next CEO

    AIG Splits Life Insurance Business; Zaffino to Become Next CEO

    Doha Bank Rebrands Subsidiary DBAC as Sharq Insurance

    Doha Bank Rebrands Subsidiary DBAC as Sharq Insurance

  • Energy
    DP World Signs Agreement to Develop New Superport in Senegal

    DP World Signs Agreement to Develop New Superport in Senegal

    Macquarie Approves £3 Billion Funding of U.K. Green Projects

    Macquarie Approves £3 Billion Funding of U.K. Green Projects

    PT PJBI and Masdar Establish Joint Venture for First Indonesian Floating Solar Power Plant

    PT PJBI and Masdar Establish Joint Venture for First Indonesian Floating Solar Power Plant

    Petrobras Emphasizes Carbon Cuts as Equinor Considers Offshore Renewables

    Petrobras Emphasizes Carbon Cuts as Equinor Considers Offshore Renewables

    Abu Dhabi Gives Green Signal to ADNOC to Bolster Muruban Futures

    Abu Dhabi Gives Green Signal to ADNOC to Bolster Muruban Futures

    Australia’s NSW Reveals $23 Billion Renewable Energy Boost

    Australia’s NSW Reveals $23 Billion Renewable Energy Boost

    MAN Energy Solutions Introduce World’s First LPG-Powered Retrofit

    MAN Energy Solutions Introduce World’s First LPG-Powered Retrofit

    IT Giant Wipro Signs Five-Year Contract with Europe’s Third Largest Power Generator

    IT Giant Wipro Signs Five-Year Contract with Europe’s Third Largest Power Generator

    Dubai Utility Sector Draws Investments Worth $11 Billion Through PPP Law

    Dubai Utility Sector Draws Investments Worth $11 Billion Through PPP Law

  • Real Estate
    Abu Dhabi and Aldar Properties Join Hands to Develop $12.25 Billion Worth of Projects

    Abu Dhabi and Aldar Properties Join Hands to Develop $12.25 Billion Worth of Projects

    What Brexit Means for Property Market: Key Issues in 2021

    What Brexit Means for Property Market: Key Issues in 2021

    BNP Paribas REIM Acquires Nursing Home Property for European HPF Fund

    BNP Paribas REIM Acquires Nursing Home Property for European HPF Fund

    Alter Domus Partners with Yardi to Improve Real Estate Operations

    Alter Domus Partners with Yardi to Improve Real Estate Operations

    Abu Dhabi’s ADQ and Aldar Sign MoU for Emirate’s Projects

    Abu Dhabi’s ADQ and Aldar Sign MoU for Emirate’s Projects

    Invesco Real Estate Acquires GAM Investment Property Debt Fund Finance

    Invesco Real Estate Acquires GAM Investment Property Debt Fund Finance

    Aviva Investors to Invest GBP 10 Billion into UK Real Estate for Next Three Years

    Aviva Investors to Invest GBP 10 Billion into UK Real Estate for Next Three Years

    Saudi Arabia Imposes 5% Tax, Exempts VAT from Property Deals

    Saudi Arabia Imposes 5% Tax, Exempts VAT from Property Deals

    FAB and Aldar Properties Partner to Offer Consumer Card Payments for Customers

    FAB and Aldar Properties Partner to Offer Consumer Card Payments for Customers

  • Awards
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  • Banking
    Bank ABC Signs Acquisition Deal with Lebanese BLOM Bank for $480 Million

    Bank ABC Signs Acquisition Deal with Lebanese BLOM Bank for $480 Million

    Howden and Steadfast Join Hands to Launch Australian Broking Operation

    Howden and Steadfast Join Hands to Launch Australian Broking Operation

    BeGroup & VPBank Join Hands to Launch New E-Banking Solution

    BeGroup & VPBank Join Hands to Launch New E-Banking Solution

    Papua New Guinea with $250 Million COVID-19 Loan ADB Supports

    Papua New Guinea with $250 Million COVID-19 Loan ADB Supports

    Lightnet Group Builds Partnership with Siam Commercial Bank

    Lightnet Group Builds Partnership with Siam Commercial Bank

    Dubai Islamic Bank Completes Noor Bank Integration Successfully

    Dubai Islamic Bank Completes Noor Bank Integration Successfully

    Tarabut Gateway Launches Open Banking Platform in UAE

    Tarabut Gateway Launches Open Banking Platform in UAE

    Monzo Launches Premium Cards for Customers at £15 Per Month

    Monzo Launches Premium Cards for Customers at £15 Per Month

    Philippine Central Bank Expectant of $6 Billion Surplus in 2020

    Philippine Central Bank Expectant of $6 Billion Surplus in 2020

  • Finance
    Kuaishou Technology All Set to Raise $5.4 Billion in IPO

    Kuaishou Technology All Set to Raise $5.4 Billion in IPO

    Tower Capital Asia Raises  $250 Million on First Closing on Southeast Asian Fund

    Tower Capital Asia Raises $250 Million on First Closing on Southeast Asian Fund

    China Economy Rises 2.3% in 2020 From Coronavirus Gains

    China Economy Rises 2.3% in 2020 From Coronavirus Gains

    KKR & Co Closes Asian-Pacific Infrastructure Fund at US$3.9 Billion

    KKR & Co Closes Asian-Pacific Infrastructure Fund at US$3.9 Billion

    London Lifts Ban on Swiss Stock Trading Following the Split

    London Lifts Ban on Swiss Stock Trading Following the Split

    Amazon, JP Morgan, Berkshire Hathaway Put a Lid on Joint Venture Haven

    Amazon, JP Morgan, Berkshire Hathaway Put a Lid on Joint Venture Haven

    Tamkeen Cushions Private Sector With $2.2 Billion Support

    Tamkeen Cushions Private Sector With $2.2 Billion Support

    Abu Dhabi’s Securities Exchange Signs MOU With Tel Aviv Stock Exchange

    Abu Dhabi’s Securities Exchange Signs MOU With Tel Aviv Stock Exchange

    Chase and Air Canada Announce Partnership for Issuance of U.S. Credit Card

    Chase and Air Canada Announce Partnership for Issuance of U.S. Credit Card

  • Technology
    UK and Japan Sign £12M Worth Nuclear Decommissioning Deal

    UK and Japan Sign £12M Worth Nuclear Decommissioning Deal

    Ethio Telecom Reports 12% Growth in H1 Revenue Worth $693 Million

    Ethio Telecom Reports 12% Growth in H1 Revenue Worth $693 Million

    Nokia Bags 5G Contract from Proximus Luxembourg

    Nokia Bags 5G Contract from Proximus Luxembourg

    Cisco Acquires Two European Companies to Boost User Engagement

    Cisco Acquires Two European Companies to Boost User Engagement

    Amazon Launches IP Accelerator for SMBs Across Europe

    Amazon Launches IP Accelerator for SMBs Across Europe

    US Government Grants Qualcomm Permission to Sell 4G Chips to Huawei

    US Government Grants Qualcomm Permission to Sell 4G Chips to Huawei

    EU Council Appropriates Set of Conclusions on Future EU Intellectual Property Policy

    EU Council Appropriates Set of Conclusions on Future EU Intellectual Property Policy

    Mexico-Based C3ntro Telecom Selects Tejas Networks to Upgrade Broadband Network

    Mexico-Based C3ntro Telecom Selects Tejas Networks to Upgrade Broadband Network

    Intel Enters Into Agreement with SK Hynix to Sell its NAND Business for $9 Billion

    Intel Enters Into Agreement with SK Hynix to Sell its NAND Business for $9 Billion

  • Insurance
    QIIG and SAP Partner up on Digital Transformation Deal

    QIIG and SAP Partner up on Digital Transformation Deal

    UnitedHealth’s Optum Signs Acquisition Deal for Change Healthcare for $13 Billion

    UnitedHealth’s Optum Signs Acquisition Deal for Change Healthcare for $13 Billion

    Prudential Vietnam and SeABank Extend Bancassurance Partnership

    Prudential Vietnam and SeABank Extend Bancassurance Partnership

    French Insurer AXA Sells Gulf Business for $269 Million

    French Insurer AXA Sells Gulf Business for $269 Million

    Aviva Plc Sells Italian Life Insurance Venture to Partner UBI Banca

    Aviva Plc Sells Italian Life Insurance Venture to Partner UBI Banca

    Beazley Launches Specialized Commercial Insurance Solutions in Latin America

    Beazley Launches Specialized Commercial Insurance Solutions in Latin America

    Pacific Prime Singapore Joins WBN as Latest Member for Asia Pacific Region

    Pacific Prime Singapore Joins WBN as Latest Member for Asia Pacific Region

    AIG Splits Life Insurance Business; Zaffino to Become Next CEO

    AIG Splits Life Insurance Business; Zaffino to Become Next CEO

    Doha Bank Rebrands Subsidiary DBAC as Sharq Insurance

    Doha Bank Rebrands Subsidiary DBAC as Sharq Insurance

  • Energy
    DP World Signs Agreement to Develop New Superport in Senegal

    DP World Signs Agreement to Develop New Superport in Senegal

    Macquarie Approves £3 Billion Funding of U.K. Green Projects

    Macquarie Approves £3 Billion Funding of U.K. Green Projects

    PT PJBI and Masdar Establish Joint Venture for First Indonesian Floating Solar Power Plant

    PT PJBI and Masdar Establish Joint Venture for First Indonesian Floating Solar Power Plant

    Petrobras Emphasizes Carbon Cuts as Equinor Considers Offshore Renewables

    Petrobras Emphasizes Carbon Cuts as Equinor Considers Offshore Renewables

    Abu Dhabi Gives Green Signal to ADNOC to Bolster Muruban Futures

    Abu Dhabi Gives Green Signal to ADNOC to Bolster Muruban Futures

    Australia’s NSW Reveals $23 Billion Renewable Energy Boost

    Australia’s NSW Reveals $23 Billion Renewable Energy Boost

    MAN Energy Solutions Introduce World’s First LPG-Powered Retrofit

    MAN Energy Solutions Introduce World’s First LPG-Powered Retrofit

    IT Giant Wipro Signs Five-Year Contract with Europe’s Third Largest Power Generator

    IT Giant Wipro Signs Five-Year Contract with Europe’s Third Largest Power Generator

    Dubai Utility Sector Draws Investments Worth $11 Billion Through PPP Law

    Dubai Utility Sector Draws Investments Worth $11 Billion Through PPP Law

  • Real Estate
    Abu Dhabi and Aldar Properties Join Hands to Develop $12.25 Billion Worth of Projects

    Abu Dhabi and Aldar Properties Join Hands to Develop $12.25 Billion Worth of Projects

    What Brexit Means for Property Market: Key Issues in 2021

    What Brexit Means for Property Market: Key Issues in 2021

    BNP Paribas REIM Acquires Nursing Home Property for European HPF Fund

    BNP Paribas REIM Acquires Nursing Home Property for European HPF Fund

    Alter Domus Partners with Yardi to Improve Real Estate Operations

    Alter Domus Partners with Yardi to Improve Real Estate Operations

    Abu Dhabi’s ADQ and Aldar Sign MoU for Emirate’s Projects

    Abu Dhabi’s ADQ and Aldar Sign MoU for Emirate’s Projects

    Invesco Real Estate Acquires GAM Investment Property Debt Fund Finance

    Invesco Real Estate Acquires GAM Investment Property Debt Fund Finance

    Aviva Investors to Invest GBP 10 Billion into UK Real Estate for Next Three Years

    Aviva Investors to Invest GBP 10 Billion into UK Real Estate for Next Three Years

    Saudi Arabia Imposes 5% Tax, Exempts VAT from Property Deals

    Saudi Arabia Imposes 5% Tax, Exempts VAT from Property Deals

    FAB and Aldar Properties Partner to Offer Consumer Card Payments for Customers

    FAB and Aldar Properties Partner to Offer Consumer Card Payments for Customers

  • Awards
  • FeatureNew
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The Global Economics
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Home Trending

Western Union Acquires Stakes in Saudi STC Pay for $200 Million

The deal makes STC Pay the first fintech unicorn in the Middle East, enabling it to expand beyond the Gulf

The Global Economics by The Global Economics
November 24, 2020
in Trending, Finance
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Western Union Acquires Stakes in Saudi STC Pay for $200 Million

Western Union Acquires Stakes in Saudi STC Pay for $200 Million

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In an acquisition deal, Western Union Co. purchased 15% stake in Saudi STC Pay for $200 million, at a valuation of around SAR 5 billion ($1.3 billion). 

The remittance giant has enabled STC to expand its money transfer services beyond the Gulf, making it the first Saudi unicorn. STC Pay is a subsidiary of Saudi Telecom and provides a range of digital payments alongside retail payments and international remittances through their mobile application. 

Saudi Telecom will invest 400 million riyals as additional capital for STC Pay and another 802 million riyals, provided it obtains a digital banking license. STC will be investing the capital for its long-term financial service plans.  

In a statement, CEO of STC, Nasser Al Nasser, remarked to be playing a vital role for the vision of Saudi Arabian Monetary Authority in creative initiatives as a digital enabler and pioneer in digital transformation. 

STC added to have STC Pay unit is the first licensed FinTech company, by the Saudi central bank with over 4.5 million users. 

As part of expansion plans, STC Pay is in talks with Gulf regulators, subject to regulatory approvals, to operate in the UAE, Bahrain, and Kuwait.

Tags: #gulf#STC#Western
The Global Economics

The Global Economics

The Global Economics Limited is a UK based financial publication and a bi-annual business magazine giving thoughful insights into the financial sectors on various industries across the world. Our highlight is the prestigious country specific Annual Global Economics awards program where the best performers in various financial sectors are identified worldwide and honoured.

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The Global Economics

The Global Economics Limited is a UK based financial publication and a bi-annual business magazine giving thoughtful insights into the financial sectors on various industries across the world. Our highlight is the prestigious country specific Annual Global Economics awards program where the best performers in various financial sectors are identified worldwide and honoured.

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Kuaishou Technology All Set to Raise $5.4 Billion in IPO

Kuaishou Technology All Set to Raise $5.4 Billion in IPO

January 25, 2021
Abu Dhabi and Aldar Properties Join Hands to Develop $12.25 Billion Worth of Projects

Abu Dhabi and Aldar Properties Join Hands to Develop $12.25 Billion Worth of Projects

January 23, 2021
UK and Japan Sign £12M Worth Nuclear Decommissioning Deal

UK and Japan Sign £12M Worth Nuclear Decommissioning Deal

January 22, 2021

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