Saudi Arabia’s Aljazira Bank has signed an agreement with cross-border payments company Thunes to expand the bank’s international remittance services, adding access to more overseas bank accounts and mobile wallets.
The agreement will connect Aljazira Bank’s retail remittance services to the Thunes Direct Global Network. The companies said the integration is intended to improve the speed and reliability of international transfers while adding destinations available to the bank’s customers.
Expanding Cross-Border Payment Access
Under the agreement, Aljazira Bank customers are expected to gain access through Thunes’ network to bank accounts and mobile wallets across international markets. The companies identified Asia-Pacific, Europe and the Gulf Cooperation Council as important corridors covered by the arrangement.
Thunes operates a cross-border payments network that connects financial institutions and other payment providers with different forms of payment infrastructure. Earlier in September, the company announced an expansion of its payout capabilities across six Middle Eastern markets, Bahrain, Lebanon, Oman, South Yemen, Syria and the United Arab Emirates, supporting payments to bank accounts, mobile wallets and cash-pickup locations.
The Aljazira Bank relationship itself is not entirely new. The bank’s 2025 Board of Directors report listed a “cross-border remittance service agreement with Thunes company” among matters reviewed by its Shariah Group during the year. The reference provides confirmation from Aljazira Bank that an agreement with Thunes was already part of its remittance plans before the September 2026 announcement.
Fahad Almutairi, Aljazira Bank’s head of retail digital banking and payments, said: “At Aljazira Bank, our focus is on providing our customers with world-class financial services that are fast, secure, and convenient. Leveraging Thunes' trusted Direct Global Network will enable us to upgrade our cross-border payment capabilities significantly. With the growth of new payment innovation and soaring international popularity of mobile wallets, we are prioritizing our customers' unprecedented access and faster account transfers across key international corridors.”
Ahmad Yaacoub, Thunes’ vice president for the Middle East and North Africa and country head for Saudi Arabia, added: “We are honored to be chosen by Aljazira Bank, a cornerstone of Saudi Arabia's banking sector. This agreement reflects the deep trust that established financial institutions place in Thunes to support their digital strategy. Together, we are connecting the Kingdom to the world, transforming how millions of people send money home. It's a seamless experience that empowers the Kingdom's essential migrant workforce and fuels the broader KSA economy.”
Saudi Arabia’s Digital Payments Market Expands
The agreement comes as electronic payments account for a growing share of transactions in Saudi Arabia. Electronic payments represented 85% of total retail payments in the kingdom in 2025, compared with 79% a year earlier. The number of electronic transactions increased to 14.6 billion from 12.6 billion over the same period.
Cross-border transfers operate within a regulated framework separate from those domestic retail-payment figures. SAMA rules allow international remittance activities through approved transfer systems or contractual arrangements with reliable money-transfer service providers, subject to applicable regulatory requirements.
Saudi Arabia’s large expatriate population also makes international transfers a significant part of the country’s financial-services market. Thunes cited research conducted with Juniper Research saying 56% of Saudi residents had sent money internationally during the preceding year.
Aljazira Bank, meanwhile, operates as a Saudi Shariah-compliant financial institution. Its involvement with Thunes was reviewed within the bank’s Shariah governance structure, according to its 2025 directors’ report, which specifically includes the cross-border remittance agreement in a list of items considered by the Shariah Group.
The Aljazira Bank agreement adds to Thunes’ activity in Saudi Arabia and the wider Middle East. Its September expansion into six additional regional payout markets came shortly before the Aljazira announcement and allows members of its network to route payments through multiple types of endpoints, including bank accounts and mobile wallets.
Rather than replacing Aljazira Bank’s role in the customer relationship, the arrangement gives the bank access to Thunes’ underlying cross-border network. Aljazira Bank remains the financial institution serving its retail customers, while Thunes supplies infrastructure used to route eligible international payments to supported destinations.
