- The two firms set to collaborate are Moven and STC Pay, meaning that the collaboration will be international in nature
- Moven will offer a range of services including a cloud-based platform designed to improve payment processing options
- “This is a move to optimize customer support and service in the digital world. Under current circumstances, that is not only a good thing, but seems necessary”, said a spokesperson for one of the firms
Two firms from the US and Saudi Arabia have announced that they will work together to offer new banking provisions for young people.
Moven, which is based in the US and which was set up in 2010, is a challenger bank in the online money transfer field which entered the market for such services early on.
It is now working primarily on the enterprise side of the market, and works with financial institutions in a wide range of markets – such as New Zealand’s Westpac.
In Saudi Arabia, the partner will be STC Pay – a firm which offers a mobile application in the digital wallet space.
The latter firm is authorised by the Saudi Arabian Monetary Authority and has an Electronic Money Institution license.
It has a user base of around 2m people, which is a significant one compared to the 35m strong population of the country.
Moven, will be responsible for ensuring that the experiences of users of the STC Pay service will be positive.
It will also be responsible for providing private cloud-based services which are linked to a payment processing platform.
According to the founder of Moven, Brett King, the firm is able to offer a sophisticated level of service which includes artificial intelligence.
“Moven has 10 years under its belt developing front-end architecture for challenger banks”, he said.
“The modern-day challenger bank is not just about the core system and front end, but it has [artificial intelligence] capabilities and data science layers”, he added.
He also explored the issue of digital engagement, which is a primary key for the sector.
“I think there will be more contactless and digital engagement, and we will be moving away from physical cash”, he said.
“This is a move to optimize customer support and service in the digital world. Under current circumstances, that is not only a good thing, but seems necessary”, he added.
For STC Pay, Ahmed Alenazi – who serves as the firm’s chief executive officer – said that it is important to be what he described as “customer-centric”.
“One of the pillars of our strategies is to be customer-centric”, he said in a statement to the press.
“If you go to YouTube, you want to see videos that you like”, he explained.
“We want a unique service that meets the requirements of this generation.”
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