STC and Ateon sign deal for blockchain services for FinTech

Partnership will develop blockchain-based solutions for Saudi's FinTech sector

Tags: Ateon ( and financeBlockchainFinTechSaudi ArabiaSaudi Telecom Company
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STC and Ateon sign deal for blockchain services for FinTech STC's enterprise unit has signed an MoU with Ateon to develop blockchain-based solutions for the financial sector.
By  Mark Sutton Published  July 3, 2018

STC's Enterprise Business Unit has signed an MoU with Ateon to promote 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."

289 days ago
Husam Yaghi

Telecom operators are well positioned to offer innovative software solutions. In some countries, they received a special banking license. STC recently introduced STC Pay and Ateon has payment and non-payment Blockchain based solutions as well. Let's stay tuned to see the progress.

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