4 FinTechs powering seamless cross-border payments in Saudi Arabia

By Gloria Methri

Saudi Arabia has witnessed a significant rise in cross-border payments, with remittances from expatriates in April reaching SR11.35 billion ($3.03 billion), marking a 14% increase. Local personal transfers also surged by 30%, totalling SR4.94 billion, according to the Saudi Central Bank (SAMA).

This growth can be attributed to several factors, including the influx of workers from Southeast Asia, Europe, and Africa and government initiatives like Vision 2030. With the rise of FinTech platforms and greater economic stability, the demand for seamless international transactions has never been higher.

Here are four key FinTechs that are helping to shape Saudi Arabia’s evolving cross-border payments ecosystem:

• Alinma Pay

Alinma Pay offers a comprehensive digital wallet solution for both individuals and businesses in Saudi Arabia. Users can make bill payments, send and receive money, and even split bills with friends and family. The platform doesn’t require a bank account for registration, making it accessible to a wider audience. Its international transfer feature allows users to seamlessly send and receive funds across borders, making it an ideal solution for expatriates and businesses engaged in cross-border transactions.

• Thunes

Founded in 2016 and headquartered in Singapore, Thunes is a global cross-border payments network that facilitates smooth transactions to and from Saudi Arabia. Through strategic partnerships with FinTechs like Tiqmo, D360, and Loop, as well as major payment systems like Visa and Paysafe Vouchers, Thunes provides efficient payment acceptance across the Kingdom. Its Pay and Accept solutions cater to banks, PSPs, and digital wallets, enabling them to enhance cross-border payments and local collections.

• urpay

urpay is a Saudi Arabian FinTech that offers a broad range of digital wallet services. It supports money transfers, bill payments, and online shopping while enabling users to send and receive cross-border payments. With a focus on seamless and secure transactions, urpay provides an easy-to-use platform for both individuals and businesses in the Middle East. Its cross-border payment capabilities make it a valuable tool for consumers and enterprises engaging in international financial activities.

• XTransfer

XTransfer specializes in financial and risk management services for SMEs, connecting them with financial institutions worldwide. The company’s solutions aim to make cross-border payments more affordable and efficient, particularly for SME traders. Through strategic partnerships with Banking Circle and Deutsche Bank, XTransfer enhances payment capabilities for importers and exporters in the Middle East and Europe. This collaboration allows businesses in Saudi Arabia to access frictionless international payments, supporting the Kingdom’s growing trade activities.