Thunes enables instant international transfers in Saudi Arabia through Enjaz

This agreement is meant to enable Thunes clients in Saudi Arabia to make instant international transfers globally to bank accounts and digital wallets using Thunes payment network. The signing ceremony took place at the Seamless Conference held in Riyadh.

This partnership follows Thunes’ announcement to expand its capabilities, intensifying local partnerships with MTOs such as e-wallets service providers and banks in KSA.

Enjaz is focused on remittance technology. The company developed a scalable self-service and digital infrastructure to complement its wide-reaching physical network. Enjaz customers can perform their transactions through more than 150 Enjaz Centres operating in more than 60 cities, 200 self-service kiosks and 200 POSs. Enjaz also offers an app with end-to-end digital onboarding and creation of an e-wallet. In addition, Enjaz offers Payment Card, utility bill payments and all of its channels supported by 8 languages and 24/7 Contact Center.

Cross-border payments market in Saudi Arabia

Data from the Mastercard’s Borderless Payments Report 2021/2022 reveals more than half (51%) of those in Saudi Arabia who made online cross-border payments to family and friends over the last 12 months believe recipients would have struggled financially without that support. This compares to 40% globally as the payments continue to provide a lifeline for people with families abroad.

The cited research covered almost 8,000 consumers across 15 different markets. In spite of evidence of an economic recovery – in Saudi Arabia, 31% of people are earning more money than before the pandemic – and international travel re-opening, it is found that 52% of residents in the Kingdom sent more money internationally in the last year to family abroad.

The most important consideration when making online cross-border payments for people in the Kingdom is ensuring funds are delivered within 24 hours and enabling them to send funds via mobile app (both 52%). And although 89% are confident their money will arrive when it should, 90% of people in Saudi say they would use cross-border payments more often if they were faster.

Overall, almost nine in ten (89%) in the country feel confident in the security of online cross-border payments, which continue to play an increasingly central role in the global economy.

Key facts about Thunes

Founded in 2016, Thunes is a B2B company that powers payments for some of the world’s fastest-growing businesses – from gig economy operators such as Uber and Deliveroo and Southeast Asia’s super-app Grab to global fintechs such as PayPal and Remitly. 

Thunes currently supports 79 currencies, enables payments to 130 countries, and helps to accept 300 payment methods. In April 2022, Thunes acquired a controlling stake in a leading AML and Compliance Platform company Tookitaki, which now enables the company’s compliance, anti-fraud, and anti-money laundering (AML) capabilities, setting an international benchmark for sustainable compliance. The company is headquartered in Singapore, with regional offices in London, Paris, Shanghai, New York, Dubai, Hong Kong, and Nairobi.