Vice President of Business at stc pay: The kingdom’s solid infrastructure forms the basis for e-commerce growth

Februarygulftech – stc pay, one of the many fintech giants in KSA, participated during an insightful panel discussion on eCommerce and a cashless society at the LEAP 2022 conference. The VP of business, Saad Almuhanna, Mazen Aldarrab founder and CGO of Zid, and Abdulmajeed Alsukhan, Co-Founder and CEO of Tamara, had a friendly and open discussion tackling the growth in eCommerce and challenges being faced in the industry.
“stc pay is the largest digital portfolio in the region, serving more than 7.8 million customers in Saudi Arabia. We provide various services dealing with the transactions and payments of individuals and companies alike, and we seek more in the future,” stated Al Muhanna.
He also stressed the importance of digital payments, pointing out that digital or non-cash communities build an environment for cooperation between government institutions and fintech companies.
Al Muhanna spoke about the influential role those non-monetary transactions play in combating illegal acts their contribution to reducing forgery, fraud, and money laundering. He pointed out that the period of the pandemic in Saudi Arabia, like the whole world, contributed to the strengthening and facilitation of non-cash transactions and digital transactions, which in the past five years has been a challenge for owners of companies and small and medium-sized enterprises, adding that “the services provided by stc pay in addition to the possession of mobile phones have contributed to increasing the dependence on e-commerce.”
Al Muhanna stressed that what distinguishes Saudi Arabia from the rest of the world is its population, which constitutes most young people, contributing to the faster adaptation of society to digital services and having solid infrastructure that forms the basis for the growth of financial companies.
Between February 1 and 3, Saudi Arabia will host the LEAP International Technical Conference, organized by the Ministry of Communications and Information Technology and the Saudi Federation of Cybersecurity with the participation of more than 350 speakers from 80 countries and 700 innovators and startups around the world.