Thunes and Banque Saudi Fransi (BSF) have formed a strategic
alliance to facilitate faster, more affordable, and secure international money
transfers for BSF customers. Additionally, Thunes partnered with local digital
wallet barq to launch real-time remittance services, advancing Saudi Arabia’s
Vision 2030 digital finance goals.
Strategic Alliance Between Thunes and Banque Saudi Fransi
At the 2025 SIBOS conference, Thunes, a global cross-border
payments provider, publicly announced the signing of a Memorandum of
Understanding (MOU) to collaborate with Banque Saudi Fransi (BSF), one of Saudi Arabia's leading banks. This alliance is set to revolutionize how Saudi
customers and businesses send international remittances by enabling instant,
cost-effective, and secure transactions worldwide.
Majed Alsadhan, Chief Wholesale Banking Officer at BSF, said,
"BSF is committed to providing our customers with world-class financial services that combine innovation and trust. By leveraging Thunes' trusted Direct Global Network, we are now able to offer faster, more reliable, and more accessible remittance services."
He emphasized that this
partnership supports both individual and business needs while contributing to
Saudi Arabia’s transformation into a premier digital economy hub.
Simon Nelson, Chief Commercial Officer at Thunes, added,
"Together, we are reshaping how money moves out of the Kingdom, making transfers simpler, instant and more cost-effective. This collaboration reinforces our deep commitment to Saudi Arabia and the trust we have earned to support the country's remarkable digital journey."
This partnership notably aligns with Saudi Arabia's Vision
2030 goals to digitize and modernize the financial sector, positioning the
Kingdom as a global leader in digital finance.
Real-Time Remittances Through barq and Thunes Partnership
Alongside the BSF alliance, Thunes has also expanded its
operations through a live partnership with barq, a prominent digital wallet in
Saudi Arabia. This partnership enables barq users to send money internationally
in real time using Thunes’ Direct Global Network, which connects to over 7
billion mobile wallets and bank accounts across more than 130 countries.
Thamer Alharbi, Director of International Partnerships at barq, expressed that
"our collaboration with Thunes has moved from vision to reality. By going live with these services, we are empowering our customers with faster, more reliable remittances and strengthening barq’s role as the digital wallet of choice in Saudi Arabia."
Ahmad Yaacoub, Vice President MENA and Country Head for Saudi Arabia at Thunes, reaffirmed the strategic importance of this rollout:
"We are proud to see our partnership with barq delivering impact at scale, reaffirming our shared commitment to efficient, customer-focused payment experiences."
This initiative is a key step in supporting the Kingdom’s
large expatriate population who rely heavily on remittances for family support
abroad. By enabling instant transactions, the partnership reduces delays and
fees typically associated with traditional payment corridors, offering
significant benefits to millions of users.
Thunes’ Broader Impact in Saudi Arabia’s Financial Landscape
In addition to these partnerships, Thunes has expanded its
real-time cross-border payment capabilities directly into Saudi Arabia. This
expansion allows Thunes’ members to make instant payouts in Saudi Riyals
directly to local bank accounts and wallets, meeting the rising demand for
speed and transparency in international transactions.
Ahmad Yaacoub highlighted that
"speed is now a necessity in cross-border payments. Our real-time direct payout capability in Saudi Arabia equips our Members to deliver instant, secure, and transparent transfers into one of the Middle East’s most dynamic and rapidly-growing economies."
Statistical data projects the value of money entering Saudi
Arabia through remittances to reach US $232 billion in 2025, underscoring the
significance of a streamlined, digital payments infrastructure. According to
Thunes' own 2025 report, 65% of expatriates emphasise transaction speed as the
most important factor for choosing remittance services, a demand that Thunes’
platform directly addresses.
Thunes also supports businesses involved in managing
pilgrimage-related payments, such as for Hajj and Umrah, offering smoother and
faster transactions for organizers and pilgrims alike.
About Thunes and Its Network
Thunes operates as a smart superhighway for global money
movement, with its proprietary Direct Global Network enabling real-time
payments in more than 130 countries and 80 currencies. The network connects
over 7 billion mobile wallets and bank accounts along with 15 billion cards
using more than 320 payment methods, including major platforms such as GCash,
M-Pesa, Airtel, MTN, JazzCash, AliPay, and WeChat Pay.
With headquarters in Singapore and offices worldwide, including Riyadh and London, Thunes serves a broad membership base that includes gig economy companies like Uber and Deliveroo, super-apps like Grab and WeChat, fintechs, payment service providers, and banks.