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JCB Explores Opportunities to Expand Card Acceptance through Partnership with STC Bank
JCB International Co., Ltd., the international operations subsidiary of JCB Co., Ltd., Japan’s only international payment brand, and STC Bank has entered into a Memorandum of Understanding (MOU) to start discussion the activation of JCB payment acceptance in Kingdom of Saudi Arabia.
As part of supporting the cashless society and financial inclusion aligned with Vision 2030, JCB has initiated discussions with STC Bank to explore a potential partnership aimed at expanding card acceptance in the Kingdom.
The MOU sets the framework for both organizations to engage in discussions and assess opportunities to develop acceptance and deliver seamless payment experiences for JCB customers across the Kingdom.
Mr. Mohammad Yahya Refaie, Senior Director – Business Banking of STC Bank, said:
“Discussion toward building a relationship with JCB will allow STC Bank to support JCB Card acceptance broadly in the Kingdom, facilitate cross-border payments and offer special benefits for JCB cardmembers, such as rewards and promos. It also enhances STC Bank’s international payments capability and enables our merchants to accept JCB payments strengthens its attractiveness to travelers, expatriates, and international merchants, and builds connections into the Asian payment ecosystem”.
Takumi Takahashi, Executive Vice president of JCBI, commented:
“We are excited to begin discussions with STC Bank, a leading digital bank and are pleased to have the opportunity to build a relationship with a subsidiary of STC Group, the largest telecommunications company in the Kingdom. This MOU marks the first step toward a potential partnership that could transform the way JCB customers access and use financial services in the Kingdom.”
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