Thunes, a global cross-border payment infrastructure platform, has partnered with D360 Bank, a digital bank in Saudi Arabia, to enable fast and secure cross-border payments across the MENA region and key global markets.
The collaboration comes as Saudi Arabia‘s digital payments ecosystem undergoes a rapid transformation in line with the country’s Vision 2030 initiative, which aims to increase cashless transactions to 70 per cent by 2025.
Through the partnership, D360 Bank customers can make efficient B2B business payments and international remittances using Thunes’ platform. The D360 mobile app also lets users to instantly and securely transfer funds to beneficiaries in Europe, the US and the entire Middle East region, with plans to expand to additional markets in the near future.
Sadeq Al Thawab, executive director at D360 Bank, expressed the bank’s commitment to meeting the needs of digitally savvy Saudi residents and SMEs.
“By leveraging Thunes’ robust and proven payments infrastructure and D360’s innovative digital approach, we aim to address the challenges of slow and complex cross-border transactions, which typically come with high friction and high costs. Together, we will establish an accessible, transparent, and user-friendly
payment experience for our valued customers.”
Forging local partnerships
This partnership with D360 also builds upon Thunes’ plans to enhance its capabilities by forging strong local partnerships with money transfer operators (MTOs), e-wallets service providers and banks in Saudi Arabia.
Last year, Thunes unveiled plans to accelerating the expansion of its services in the MENA region through partnerships with local money transfer operators, e-wallets service providers, as well as banks.
Simon Nelson, senior vice president at Thunes, highlighted the global reach of Thunes’ infrastructure as well as its ability to facilitate cross-border payments efficiently and affordably.
He said: “We are thrilled to join forces with D360 and support their growth and ambitions. By putting together our technology and the strong customer base of our partner, we are empowering individuals and businesses with the tools they need to succeed in the digital age and redefining the way people experience banking and payments in Saudi Arabia and beyond.”
Two-thirds of Saudi Arabia’s population is under the age of 35, and Saudi Arabia also ranks third globally in smartphone usage at 24.2 million users.