Thunes, the Singapore-based payment firm, announced Wednesday that it has signed an memorandum of understanding (MOU) to form a strategic alliance with Banque Saudi Fransi (BSF), one of Saudi Arabia’s financial institutions, to transform cross-border remittances from the region.

This collaboration will enable BSF consumers and businesses to send fast, affordable and secure international money transfers with real-time speed and an enhanced customer experience, Thune said in a statement.

The alliance will allow BSF account holders to reach accounts and wallets worldwide.

It represents a significant milestone in Saudi Arabia’s financial evolution, as banks embrace innovative solutions that move beyond traditional transfer methods.

“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,” said Majed Alsadhan, Chief Wholesale Banking Officer, Banque Saudi Fransi.

“This alliance underscores our mission to serve both individuals and businesses, while supporting the Kingdom’s transformation into a leading digital economy,” he added.

Meanwhile, Simon Nelson, Chief Commercial Officer at Thunes, said Banque Saudi Fransi is a key player in Saudi Arabia’s banking sector.

“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, where we continue to build strong relationships with banks, fintechs and wallets, and the trust we have earned to support the country’s remarkable digital journey,” he added.

The alliance also highlights both organizations’ commitment to innovation, inclusion and excellence, while strengthening Saudi Arabia’s position as a global hub for digital finance under Vision 2030, according to the statement.

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