Thunes Expands Real-Time Cross-Border Payments to Saudi Arabia
LONDON and RIYADH — Thunes, a leader in global money movement, has officially launched real-time cross-border payment capabilities in Saudi Arabia. This expansion allows Thunes' Members to execute instant payouts in Saudi Riyals (SAR) directly to bank accounts and digital wallets within the Kingdom. This innovative step streamlines transaction processes for both individuals and businesses, marking a significant milestone in financial services.
Meeting Rising Demand in Saudi Arabia
This rollout aligns perfectly with Saudi Arabia's ongoing financial sector transformation under the Vision 2030 initiative. The demand for fast, reliable, and transparent cross-border payment options is on the rise. Supporting evidence indicates that money transfers into the Kingdom may increase, with expectations of reaching USD 232 billion in value. This surge reflects not only robust growth in transaction volumes but also the rapid digital adoption by consumers and enterprises alike.
Prioritizing Speed and Efficiency
According to a recent report from Thunes, a staggering 65% of expatriates consider transaction speed crucial when selecting a method for sending funds. By establishing direct connectivity with the Saudi banking infrastructure, Thunes is able to offer faster, more economical, and transparent transfer options compared to the conventional payment methods that have dominated the market for years.
Optimizing the Pilgrimage Experience
The introduction of this service proves particularly beneficial for international businesses involved in organizing Hajj and Umrah pilgrimage operations. These businesses can now process payments within the Kingdom seamlessly, ensuring faster settlements that facilitate a smoother experience for pilgrims. This improvement significantly enhances the overall journey for those participating in these major religious events.
Expert Insights from Thunes Leadership
Ahmad Yaacoub, VP MENA and Country Head for Saudi Arabia, shared his insights on this strategic launch: "Saudi Arabia's financial landscape is rapidly evolving, and the necessity for reliable cross-border payment solutions is unprecedented. Our real-time payment service empowers our Members to meet these increasing demands, thereby enhancing their ability to serve both consumers and enterprises effectively."
Aik Boon Tan, Thunes' Chief Network Officer, echoed this sentiment, emphasizing the importance of speed in the payments sector: "In the current economic climate, speed in cross-border transactions is not just beneficial, it's essential. Our capability to offer real-time direct payouts in Saudi Arabia ensures our Members can provide rapid, secure, and transparent transfers into one of the Middle East's most vibrant economies."
Strengthening Global Payment Solutions
With the launch of these real-time services, Thunes reinforces its position as a leader in cross-border payments. This initiative not only enhances financial inclusion but also allows millions to engage more fully with the global economy. By facilitating seamless money transfer experiences, Thunes is paving the way for enhanced economic participation across various demographics.
About Thunes
Thunes stands as the Smart Superhighway for global money transfer. The company's proprietary Direct Global Network allows Members to carry out real-time transactions in over 130 countries and more than 80 currencies. Their extensive network connects directly to more than 7 billion mobile wallets and bank accounts globally, alongside handling 15 billion cards through various payment methods such as GCash, M-Pesa, and WeChat Pay. Offering unrivaled speed, control, visibility, and cost efficiency in real-time payments, Thunes serves a diverse client base including notable gig economy players and fintech firms.
Headquartered in Singapore, Thunes boasts a global presence with offices in key financial hubs around the world. For more information about their services and initiatives, please visit their official website.
Frequently Asked Questions
What is the latest service launched by Thunes?
Thunes recently launched instant cross-border payment capabilities in Saudi Arabia.
What currency is used for transactions in Saudi Arabia?
Transactions in Saudi Arabia are conducted in Saudi Riyals (SAR).
Why is transaction speed important for Thunes’ clients?
Transaction speed is crucial for clients, as it significantly affects their ability to manage funds efficiently, especially for expatriates.
How does Thunes ensure secure transactions?
Thunes employs advanced systems for compliance and operational transparency to safeguard all transactions made through their network.
What markets does Thunes operate in?
Thunes operates in over 130 countries, connecting a diverse range of financial ecosystems.
