#Saudi Arabia #Riyadh #Thunes #remittance #barq

Transforming Remittance Services in Saudi Arabia

In a significant move to enhance the remittance landscape in Saudi Arabia, barq, a rapidly expanding digital wallet, has announced its partnership with Thunes, a leader in global payment solutions aimed at simplifying and speeding up cross-border money transfers. This announcement marks a vital stride in making remittances faster and more accessible for consumers within the Kingdom, aligning with the country's ambitious Vision 2030 initiative aimed at digital transformation.

Enhancing Customer Experience

Following their collaboration, barq has rolled out updated remittance services, allowing customers to send money internationally in real time. Utilizing Thunes’ vast Direct Global Network, which covers over 130 countries and more than 80 currencies, barq users can send funds seamlessly to billions of mobile wallets and bank accounts worldwide. This initiative not only strengthens barq's position in the competitive digital wallet market but also affirms its commitment to providing innovative financial solutions for everyday users.

Thamer Alharbi, the Director of International Partnerships at barq, commented on the partnership stating, "Our collaboration with Thunes has transitioned from concept to reality. By launching these services, we empower our customers with swift and dependable remittance solutions, enhancing barq's reputation as the preferred digital wallet in Saudi Arabia. This is a critical step towards delivering accessible financial services, supported by Thunes’ reliable infrastructure."

A Robust Financial Ecosystem

The Saudi Arabian remittance sector is one of the largest globally, buoyed by the ongoing digital shift fueled by Vision 2030. Thunes’ network allows users effortless access to a variety of financial services. They connect directly with over 7 billion mobile wallets and bank accounts, ensuring that transactions are not only fast but secure.

According to Ahmad Yaacoub, Thunes’ Vice President for the MENA region and Country Head for Saudi Arabia, the partnership aims to deliver substantial impacts at scale. "This official launch represents our shared commitment to providing efficient payment experiences, supporting Saudi Arabia’s vision for a digital-first financial landscape."

Future Prospects

As barq rolls out these enhanced remittance services, its alignment with Thunes is expected to lead to innovative solutions that benefit customers in the ever-evolving digital economy. The merging of localized knowledge and international reach through this partnership symbolizes a leap towards a comprehensive payment experience that meets consumers' needs in real-time.

Thunes has built a reputation for facilitating accessible and expedient financial transactions globally by employing its proprietary SmartX Treasury System and Fortress Compliance Platform. This multi-faceted approach secures unmatched speed, control, visibility, protection, and cost efficiencies for its members.

As both companies continue to innovate and streamline their services, users can look forward to not only a significant improvement in the speed of international remittances but also enhanced overall financial service offerings that encompass banks, fintechs, and payment service providers worldwide.

Conclusion

This partnership encapsulates a forward-thinking approach, combining local expertise from barq and the extensive global network of Thunes. As the collaboration matures, it promises to foster an environment where consumers in Saudi Arabia can send and receive money internationally with unmatched efficiency and convenience, ultimately shaping the future of financial transactions in the region.