Y Combinator-backed cross-border payments platform Grey has officially expanded its payout network to enable direct local-currency transfers to Saudi Arabia and Türkiye. The newly launched payment corridors allow users to send funds directly into local bank accounts in Saudi riyal (SAR) and Turkish lira (TRY). By facilitating these transfers from existing USD, EUR, GBP, and supported stablecoin balances, Grey aims to streamline transactions and provide clear transaction costs for individuals and businesses operating across borders. Eligible payments made on weekdays reach recipients within 24 hours.
Addressing Distinct Regional Payment Challenges
Idorenyin Obong, CEO and Co-founder of Grey, noted that while both Saudi Arabia and Türkiye are dynamic talent and payments markets, the existing infrastructure has struggled to keep pace with demand. In Türkiye, high transfer fees, delays, and currency depreciation make receiving foreign currency expensive for the country’s growing digital workforce and large diaspora of over 7 million citizens. Conversely, Saudi Arabia faces unpredictable cross-border inbound payments, creating challenges for international clients needing to pay freelancers, vendors, or family members within the Kingdom.
Impact On The Saudi Ecosystem
Saudi Arabia’s expanding freelance economy currently boasts over 2.25 million people registered on the national freelance platform. This growing population of independent professionals heavily relies on efficient inbound payments, making the reduction of intermediary banking friction a priority. Furthermore, the influx of international visitors—with over 19.5 million pilgrims and Umrah performers traveling to the Kingdom in 2025 alone—generates substantial everyday payment needs for accommodations and local goods. Grey’s direct transfer capability allows these individuals to access and spend SAR without heavy reliance on cash or exposure to high exchange rate markups.
About Grey
Grey is a global banking solutions provider focused primarily on emerging markets. Operating as a Money Services Business regulated by FINTRAC in Canada and FinCEN in the United States, the platform allows individuals and businesses to manage multi-currency accounts, exchange currencies, access virtual cards, and move money across borders. Grey currently serves over 3 million users, powering payments to over 170 destinations with a payout network spanning more than 50 countries.
Source: Official Press Release
