Enjaz Payment Services Company has partnered with Thunes, a B2B payments provider for the likes of Uber, PayPal and Deliveroo, to enable instant international transfers for its customers.
The partnership will help Enjaz customers in Saudi Arabia make international transfers to bank accounts and digital wallets using the Thunes payments network.
Enjaz is a remittance technology firm, licensed by the Saudi Central Bank, that allows customers to send money to multiple countries.
Customers can use its services at brick-and-mortar establishments and through its app, which offers onboarding and creation of a wallet.
Commenting on the new partnership, Khalid Al Zain, chief executive officer at Enjaz, said: “In pursuit of our shared goal to provide a frictionless experience when moving money globally, we are committed to our customers in delivering the most innovative technology-led financial solutions.”
Simon Nelson, senior vice president for MENA at Thunes, added: “By connecting Thunes’ robust and extensive global payment network with Enjaz’s digital capabilities, we are able to create a strong synergy that benefits the communities, connects people to their families, and provide a much-needed service to citizens and residents of Saudi Arabia.”
The partnership follows the news that Thunes plans to expand its capabilities across the MENA region and partner with e-wallet service providers and banks in Saudi Arabia.
As part of this expansion, the Singapore-headquartered company appointed Ahmad Yaacoub as its new regional head for Saudi Arabia.
Yaacoub has more than 10 years of business development experience in ecommerce and mobile payments, including being part of the team that launched Souq.com, which was later acquired and rebranded by Amazon
Saudi Arabia’s digital payments market is evolving as part of its Vision 2030, which aims to increase the number of cashless transactions within the jurisdiction to 70%.
Projects such as this, along with the United Arab Emirates’s Projects of the 50 and Digital Egypt, aim to increase the number of fintechs and digital financial tools in the region.
Earlier this year, Thunes acquired a controlling stake in compliance platform company Tookitaki, to improve its compliance capabilities.
Founded in 2016, Thunes supports 79 currencies, enables payments to 130 countries and helps to accept 300 payment methods.