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Saudi digital bank D360 selects Thunes for cross-border payments

Source: Thunes

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 customers in Saudi Arabia to make fast and cost-effective B2B business payments and international remittances worldwide. Additionally, D360 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 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’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 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 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).

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