Thunes partners with Saudi Arabia’s new digital bank “D360” to power instant cross-border payments across MENA and key global markets

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 enable D360 customers in Saudi Arabia to make fast and cost-effective B2B business payments and international money transfers worldwide. In addition, D360 mobile app users will be able to instantly and securely transfer funds to their beneficiaries in Europe, the US and the entire Middle East region – with more markets coming 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.

Commenting on the partnership, Sadeq Al Thawab, CEO of D360 Bank, stated: “D360 is purposefully designed to meet the needs of digitally savvy Saudi citizens and SMEs seeking better service and user experience. Leveraging Thunes’ robust and proven payment 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.”

This partnership with D360 builds on Thunes’ previous announcement to enhance its capabilities by entering into strong local partnerships with money transfer operators (MTOs), e-wallets 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 delighted to join forces with D360 and support their growth and ambitions. By bringing together our technology and the strong customer base of our partner, we are giving individuals and businesses the tools they need to succeed in the digital era and redefining the way people experience banking and payments in Saudi Arabia and beyond.”

Nelson emphasized Thune’s 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 corporate customers.

Saudi Arabia’s youthful, mobile-first society – one of the most digitally savvy in the world – is contributing to a rapid shift 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 with 24.2 million users, with nearly 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).