Thunes Launches Real-Time Cross-Border Payments in Saudi Arabia

Thunes Introduces Real-Time Cross-Border Payments in Saudi Arabia

In a significant move to streamline cross-border transactions, Thunes, known as the Smart Superhighway for global money transfer, has announced the launch of its real-time payment services in Saudi Arabia. This initiative allows Thunes’ members to remit money directly into bank accounts and wallets within the Kingdom, utilizing the local currency of Saudi Riyals (SAR). This development comes at a time when demand for speedy and transparent financial transactions is rising, driven by the ongoing transformation of the Saudi financial sector under the ambitious Vision 2030 plan.

According to estimates, the volume of money flowing into the Kingdom is poised to hit a staggering $232 billion by 2025. This surge indicates not only an increasing transaction volume but also a significant leap in the digital adoption of financial services. Thunes' research highlights a vital insight - 65% of expatriates identify transaction speed as the most crucial factor when selecting remittance methods. This insight emphasizes Thunes' commitment to aligning with user expectations by minimizing waiting times and lowering costs associated with money transfers.

The integration with the Saudi banking network also positions Thunes to offer superior services compared to traditional payment solutions. This seamless connection facilitates instant payments, allowing overseas businesses, particularly those managing Hajj and Umrah pilgrimage logistics, to efficiently handle transactions with local providers. Such innovations ensure that funds required for services like travel and accommodation are transferred securely and quickly, significantly enhancing the experience for millions of pilgrims navigating these important religious observances.

Ahmad Yaacoub, the Vice President for MENA and Country Head for Saudi Arabia at Thunes, expressed confidence in this expansion, stating that the rapid digital shift within Saudi Arabia's financial landscape necessitates faster, dependable cross-border payment solutions. The introduction of real-time payments offers Thunes' members the necessary tools to respond effectively to these growing demands, fostering a more efficient service for both consumers and businesses.

Aik Boon Tan, Chief Network Officer at Thunes, echoed this sentiment by emphasizing the pressing need for speed in the realm of cross-border payments. He stated that their real-time payout functionality equips members to deliver secure and transparent transfers, particularly in one of the Middle East's fastest developing economies.

With this launch, Thunes not only fortifies its leadership in the real-time payment sector but also promotes financial inclusion on a broader scale. This development empowers millions of consumers to engage more seamlessly in the global economy.

As a part of their promotional effort, Thunes is participating in the inaugural Money 2020 Middle East event, set to take place in Riyadh from September 15 to 17, 2025, where they will further discuss these advancements and their implications for the future of financial transactions.

About Thunes

Thunes operates as the Smart Superhighway for global money movement, equipped with a unique Direct Global Network enabling its members to execute real-time payments across over 130 countries and more than 80 currencies. They connect directly to over seven billion mobile wallets and bank accounts whilst also accessing 15 billion cards through over 320 various payment methods, enabling exceptional speed, control, and cost efficiencies in payment processing. Companies benefiting from Thunes services include notable names like Uber and Deliveroo, showcasing the platform's expansive application and reach in the gig economy. Headquartered in Singapore, Thunes maintains a global presence with offices in 14 strategic locations worldwide, including Riyadh, further driving its successful international operations.