JCB International Co., Ltd., the international operations subsidiary of Japan’s only global payment brand, has entered into a Memorandum of Understanding (MOU) with STC Bank, Saudi Arabia’s largest fully digital bank. The MOU initiates discussions aimed at broadly activating JCB payment acceptance across the Kingdom of Saudi Arabia.
The planned partnership is designed to support the development of a cashless society and financial inclusion in KSA, directly aligning with the country’s Vision 2030 economic transformation agenda. By exploring this potential partnership, the two entities aim to deliver seamless payment experiences for JCB’s more than 169 million cardmembers, primarily from countries and territories across Asia.
Connecting to the Asian payment ecosystem
The collaboration is a strategic move for STC Bank to significantly enhance its international payments capabilities and strengthen its attractiveness to a growing segment of international visitors and expatriates.
Mohammad Yahya Refaie, senior director of business banking at STC Bank, stated that building a relationship with JCB will allow the 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. He added that the partnership “enables our merchants to accept JCB payments, strengthens its attractiveness to travelers, expatriates, and international merchants, and builds connections into the Asian payment ecosystem.”
The discussions will focus on assessing opportunities to develop acceptance infrastructure and deliver a streamlined payment experience for JCB cardholders.
Digital bank foundation for global reach
STC Bank, a subsidiary of STC Group, is positioned as a leading digital bank established to empower individuals and businesses with innovative financial services. The bank’s mission to deliver a simple, trustworthy, and easy-to-use digital banking experience provides a strong foundation for integrating a global payment brand like JCB.
Takumi Takahashi, executive vice president of JCBI, commented on the significance of partnering with a leading digital player in the region. “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,” Takahashi said. He noted that the MOU marks the first step toward a potential partnership that could transform how JCB customers access and use financial services in the Kingdom.
With its vast global acceptance network and focus on international growth, JCB is looking to leverage this alliance to increase its merchant coverage and cardmember base in a key Middle Eastern market undergoing rapid digital financial transformation.
