MoneyGram and D360 Bank have signed a MoU during Money20/20 Middle East, outlining a partnership to support Saudi Arabia’s digital transformation and the goals of Vision 2030.
The agreement focuses on strengthening cross-border payment services and developing digital financial solutions.
MoneyGram will provide its global payments network, while D360 Bank, a Saudi digital bank backed by the Public Investment Fund (PIF) and Derayah Financial, will contribute its local expertise.
The collaboration is intended to broaden customer options and contribute to the country’s shift towards a cashless economy.
“This new partnership with D360 Bank reflects our commitment to leading the evolution of cross-border payments in Saudi Arabia,”
said Ahmed Aly, Head of Middle East, South Asia and Asia Pacific at MoneyGram.
“Together, we are creating new pathways for customers to move money seamlessly across borders, reinforcing our shared ambition to shape the future of payments in the kingdom.”
Osama Alshathri, Head of Retail Banking at D360 Bank, said:
“At D360 Bank, our mission is to make banking intuitive, accessible and technology-driven. Partnering with MoneyGram connects our customers to one of the world’s largest global payment networks, enabling fast, transparent and secure international remittances.”
The MoU builds on MoneyGram’s activities in Saudi Arabia, where it works with banks, fintech firms and digital platforms to expand access to international remittance services.
MoneyGram’s network currently reaches more than five billion digital endpoints and includes over 480,000 retail locations in 200 countries and territories.
Featured image credit: MoneyGram
