Thunes Partners with Saudi Arabia’s New Digital Bank “D360” to Power Instant Cross-Border Payments Across MENA and Key Global Markets
- Saudi Arabia’s digital payments ecosystem is transforming rapidly to keep pace with the Kingdom’s “Vision 2030”, which aims to increase the number of cashless transactions to 70% in 2025
- Thunes enables D360 Bank’s customers to make fast and secure cross-border remittances and B2B business payments, and move money instantly to beneficiaries overseas using the D360 Bank’s app
- Saudi Arabia’s PIF sovereign wealth fund is a key investor in the new digital bank D360
Singapore / Riyadh, Saudi Arabia – 23 May 2023 – D360 Bank, Saudi Arabia’s innovative new digital bank is pleased to announce its partnership with Thunes, a global cross-border payment infrastructure platform. This collaboration will empower D360 Bank’s customers in Saudi Arabia to make fast and cost-effective B2B business payments and international remittances worldwide. Additionally, D360 Bank’s mobile app users will be able to instantly and securely transfer funds to their beneficiaries in Europe, the United States, and the entire Middle East region – with more markets to follow soon. With upfront cost transparency and confirmation of arrival, this partnership aims to create a simple payment experience. The announcement was made at Seamless Middle East, held in Dubai, UAE.
Sadeq Al Thawab, Executive Director at D360 Bank, commented on the partnership, stating: “D360 Bank has been purposefully designed to cater to the needs of digitally savvy Saudi residents and SMEs that seek better service and user experience. By leveraging Thunes’ robust and proven payments infrastructure and D360 Bank’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.”
This partnership with D360 Bank builds upon Thunes’ previous announcement to enhance its capabilities by forging strong local partnerships with money transfer operators (MTOs), e-wallets service providers and banks in Saudi Arabia.
Simon Nelson, Senior Vice President at Thunes, highlighted the global reach of Thunes’ infrastructure and its ability to facilitate cross-border payments efficiently and affordably. He said, “We are thrilled to join forces with D360 Bank 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.”
Nelson emphasised Thunes’ commitment to supporting Saudi Arabia’s Vision 2030 and working closely with local partners to ensure exceptional customer experiences by enabling instant borderless payments worldwide for retail and business customers.
Saudi Arabia’s youthful, mobile-first society – one of the most digitally-savvy in the world – is contributing to a rapid change in payment preferences. Two-thirds of Saudi Arabia’s population is under the age of 35, and Saudi Arabia ranks third globally in smartphone usage at 24.2m users, with almost three-quarters of the population using smartphones. In 2021, electronic payments overtook cash as the Kingdom’s most common payment method for the first time, according to a study by the Saudi Central Bank (SAMA).
Founded in 2016, Thunes is a B2B company that powers payments for the world’s fastest-growing businesses – from Gig Economy giants such as Uber and Deliveroo and Southeast Asia’s super-app Grab to global Fintech leaders such as PayPal and Remitly. Through a single, simple connection, consumers and businesses can send payments to – and get paid in – every corner of the world. Thunes currently supports 80 currencies, enables payments to 130 countries, and helps to accept 300 payment methods. In April 2022, Thunes acquired a controlling stake in a leading AML and Compliance Platform company Tookitaki, which now enables the company’s advanced compliance, anti-fraud, and anti-money laundering (AML) capabilities, setting an international benchmark for sustainable compliance. The company is headquartered in Singapore, with regional offices in London, Paris, Shanghai, Dubai, Hong Kong, Barcelona, Miami, and Nairobi.
For more information, visit www.thunes.com
About D360 Bank
Founded in 2022 with a capital of SAR1.65 billion, D360 bank came about according to a decision of the Council of Ministers as one of the first digital banks in Saudi Arabia. Through an investment alliance led by Derayah Financial, which includes a number of investors headed by the Public Investment Fund (PIF), D360 will serve as yet another driver of the leadership’s support for the national financial sector.
D360 Bank is built on solid foundations of outstanding market expertise and cutting-edge technology. This underpins the competitive advantage we have as a Digital Bank. As a result, D360 Bank has been able to level the playing field with the big banks, where nearly 96% of Derayah Financial customers are now currently online. Derayah Financial has successfully been established in the market for more than 15 years, as the third largest broker in the Kingdom, and with this, the aim is to ensure D360 Bank attains the same levels of success and customer loyalty.
As a fully digital Sharia-compliant bank, D360 Bank aims to offer innovative, equal-opportunity financial services to large swaths of Saudi society. We aim to help individuals – especially our youth, entrepreneurs, and small and medium enterprises meet their financial requirements through streamlined and secure services, and in many cases, unserved sectors of the market, so that customer needs are truly aligned in all aspects with their banking requirements.
Press contact: Mr Walid El Majzoub, firstname.lastname@example.org, +971 50 232 8028