STC and Ateon ink FinTech blockchain deal

Blockchain-based solutions for Saudi's FinTech sector are about to get a big boost.
Saudi Arabia, Business, Blockchain, Fintech, Society, STC, Tech

Share

STC's Enterprise Business Unit has signed a deal with Ateon to promote the blockchain in FinTech.

Under the agreement, Ateon and STC will jointly develop and market blockchain-based FinTech solutions to assist organisations in their digital transformation. Ateon is a founding member of SAMA's FinTech Saudi Initiative and one of the first companies to blockchain FinTech solutions in the Kingdom.

The memorandum was signed by Riyadh S. Muawad, Vice President of Key Accounts at STC Business and Mansoor AlGhamdi, Vice Chairman at Alhamrani Group.

Riyadh S. Muawad said: "Fully aligned with the Kingdom's Vison 2030, we are always open to adopt and accelerate cutting-edge technologies and specifically blockchain is one of the key transformational technology which is going to disrupt the status quo and transformed all businesses and governments."

Saud A. AlSheraihi, General Manager of Business Development at STC Business added: "The emerging technologies continuously disrupt the way that we do business, we believe that blockchain technology has the key to address many challenges that different sectors have, where financial sector ranks among the top. Partnering with Ateon, a local blockchain solutions provider and systems integrator, unlocks the potential to provide innovative solutions tailored for the market."

Dr. Husam Yaghi, President of Ateon's commented: "This partnership is of vital importance due to depth STC offers through its diversified ICT portfolio. As leaders in the local FinTech and blockchain space, our enterprise solutions are already helping global financial institutions and banks to become an early adopter of the blockchain technology. This MOU kicked off our collaboration with STC to offer FinTech solutions for every business segment across Saudi Arabia."

Editor's Choice

DEADLINE EXTENDED: enter the 2018 CommsMEA Awards
Due to the high number of submissions, the deadline for entries has been extended until September 27.
The future of data centres in Oman
Omantel's Sohail Qadir chats about his company's plans for increasing data centre infrastructure in Oman - and why the nation is ideally placed to be a major global data centre hub.
CommsMEA Awards: What makes a winner?
Thinking of entering the CommsMEA Awards? Then hurry - entries close September 20. Here are some tips to make your entry as strong as possible.

Most popular

Don't Miss a Story