New cross-border payment launches and real-time solutions show Saudi Arabia’s growing role in the fintech landscape.
Ant International and Thunes have unveiled new payment solutions in Saudi Arabia, as the Kingdom’s push for faster, more connected digital payments intensifies.
On September 15, the Saudi Central Bank (SAMA) and Ant International confirmed plans to launch cross-border QR code payments between Saudi Arabia’s national payment scheme, mada, and Ant’s Alipay+ in 2026.
The partnership is designed to support the Kingdom’s Vision 2030 strategy, which aims to diversify the economy and boost non-cash transactions to 70% by the end of the decade, while also strengthening Saudi Arabia’s position as a global tourism hub.
Following its rollout local merchants will be able to accept payments from more than 1.7 billion users across Alipay+ partner wallets, aiming to catalyse both tourism and retail growth.
Saudi Arabia will join a portfolio of countries which Alipay has already integrated into national payment schemes, such as in Singapore, Malaysia, South Korea, Cambodia, Nepal and Sri Lanka.
Like these aforementioned countries, the partnership is positioned to achieve one of the government’s goals.
“We are deeply honoured to support the ambitious goals of Vision 2030 and build on the strong digital infrastructure by SAMA to enhance payment connectivity and boost Saudi Arabia’s status as a global tourism hub,” said Douglas Feagin, President of Ant International.
Instant cross border payments arrive
Thunes is also stepping into the market, offering real-time cross-border payment solutions to support Saudi Arabia’s digital growth.
Thunes announced the rollout of real-time cross-border payments into Saudi Arabia on September 15. Its Direct Global Network will enable instant payouts directly to Saudi bank accounts and wallets in local currency, supporting both remittances and payments tied to Hajj and Umrah services, two Islamic pilgrimages that attract millions of visitors to Saudi Arabia each year.
While the launch aligns with Saudi Arabia’s efforts to accelerate its financial sector transformation under Vision 2030, it also reflects the market’s potential for providers like Thunes.
According to a Statista report, inbound remittances to the Kingdom are expected to reach $232bn in 2025.
“Saudi Arabia’s financial sector is undergoing a rapid digital shift, and demand for faster, reliable cross-border payments has never been higher,” said Ahmad Yaacoub, VP MENA and Country Head for Saudi Arabia at Thunes.
“Our launch of real-time payments into the Kingdom gives our Members the tools to meet these expectations and better serve both consumers and businesses.”
Vision 2030: Why firms are eyeing Saudi Arabia
Saudi Arabia’s Vision 2030, launched in 2016, is a national plan to diversify the economy away from oil and build a tech-driven society. The strategy covers everything from tourism and entertainment to fintech and financial services.
The kingdom has set targets for a cashless society, aiming for 70% of transactions to be non-cash by 2025. This push opens significant opportunities for POS providers, mobile wallets and payment gateways.
Regulatory support has also made entry smoother for companies, with SAMA introducing fintech sandboxes and licensing frameworks. Additionally, SMEs are being encouraged to adopt digital payments, creating demand for plug-and-play POS systems, e-commerce integrations, and cross-border solutions.
At the same time, Vision 2030 encourages foreign investment and joint ventures, particularly in tech and finance, giving payments companies the chance to partner with local banks or retailers.
This momentum is reflected in the industry calendar too. Money20/20 Middle East is underway this week in Riyadh, and, as seen with Payment Expert’s coverage of Money20/20 Europe earlier this year, companies often use these gatherings to make major announcements.
However, the spotlight will also be on the Payment Expert Summit, taking place from September 16-19, where our team will provide full coverage of the latest industry developments.
