Global payments network MoneyGram has signed a strategic Memorandum of Understanding (MoU) with D360 Bank, a new Saudi digital bank. The agreement, announced during the Money20/20 Middle East conference in Riyadh, marks a significant step in expanding digital cross-border payment solutions within the Kingdom.
A Strategic Move in the Saudi Market
This collaboration is a key part of MoneyGram’s strategy to deepen its presence in Saudi Arabia and the wider Middle East. By partnering with a new, technology-driven local institution like D360 Bank, MoneyGram aims to enhance its cross-border payment capabilities and provide customers with more convenient and modern digital financial services. The partnership leverages MoneyGram’s extensive global network with D360 Bank’s digital-native platform to reach a new segment of consumers.
Supporting Vision 2030’s Financial Goals
The partnership is aligned with the objectives of Saudi Vision 2030, which emphasizes financial sector development and the transition toward a less-cash-reliant economy. According to Ahmed Aly, Head of Middle East, South Asia & Asia Pacific at MoneyGram, the collaboration reflects the company’s commitment to leading the evolution of cross-border payments in the Kingdom. By combining forces, both entities aim to accelerate digital transformation and shape the future of payments in Saudi Arabia.
About MoneyGram
MoneyGram is a global financial technology company that enables consumers and businesses to move and manage money in nearly every country around the world. The company serves more than 50 million people annually through its digital platforms and a global retail network spanning over 200 countries and territories.
About D360 Bank
D360 Bank is the first Saudi digital bank that operates on Sharia principles. Backed by the Public Investment Fund (PIF) and Derayah Financial Company, its mission is to provide an intuitive, accessible, and technology-driven banking experience. The bank focuses on empowering individuals, entrepreneurs, and SMEs to achieve their financial goals through innovative digital services.
Source: Zawya
