stc pay Leverages Murex MXGO Treasury Solution, Winning Two IBSi Awards

Treasury implementation with Murex at Saudi Arabia institution wins at IBSi NeoChallenger Bank Awards

PARIS and RIYADH, Saudi Arabia, January 10, 2024—Murex is pleased to announce that stc pay is live on the MX.3 platform.

Riyadh, Saudi Arabia-based stc pay, a digital bank, adopted MXGO, an MX.3 packaged, fit-to-purpose treasury and trading solution for quickly growing local and regional banks. With Murex, stc pay aimed to choose a solution provider with an excellent implementation record in the region and a deep understanding of local market requirements. The competitive cost of ownership of the Murex solution was also a key rationale for the selection.

As a result of their partnership, stc pay and Murex have won Global FinTech Innovation Awards for Best Treasury Implementation: Best Project Implementation and Regional Winner in the Middle East with the IBSi NeoChallenger Bank Awards. These accolades recognize both companies’ “excellence in driving impact through banking technology implementations and innovations using emerging technologies.”

“The collaboration between stc pay and Murex teams has been outstanding. Within six months of the project’s launch, the system was ready to be used,” said stc pay Director of Treasury Systems Technology Mohammed Saeed Alzahrani. “This accelerated delivery pace demonstrated our teams' agility and commitment to deliver transformative solutions. We have laid a solid foundation for future growth and success, positioning stc pay at the forefront of innovation in the banking industry.”

The bank received valuable support from Fenixys, a trusted system integrator partner. Fenixys played a pivotal role by offering on-site Murex expertise across various crucial aspects, including project management, architecture, requirements gathering and testing services.

"During the integration of MX.3, stc pay has successfully evolved from a digital wallet to a full-fledged Islamic bank with an up-and-running treasury,” said Nikhil Gokhale, director of research and digital properties at IBSi. “Murex’s agile platform expedited time-to-market, allowing stc pay to navigate complex financial landscapes with a broad treasury scope and an evolutive platform.”

The swift delivery of MXGO was achieved using Murex standardized treasury packaging and the latest technologies. stc pay leveraged best market practices in Islamic finance, such as in the Murabaha process and Sharia-compliant accounting rules. As a neobank, stc pay has built its business model on using advanced and open technologies. For this reason, it decided to run MX.3 with the open-source PostgreSQL database to get scalability, stability and security at a competitive cost.

“This project at stc pay treasury was strategic for both parties. Murex’s experience was key to the dynamic financial institution, which is ensuring its transition from a secure integrated digital wallet to a digital Islamic bank that offers treasury services to clients. We are especially pleased to note this collaboration has been recognized by IBSi,” said Murex Senior Business Development Manager Marc Farah.

Through this implementation, stc pay is able to quickly launch products in its treasury and comply with evolving market and regulatory requirements. The accomplishment is an additional milestone in its digital banking leadership.