Arab National Bank’s international money transfer service, TeleMoney, has entered a strategic partnership with Mastercard to revolutionize cross-border payments in Saudi Arabia through Mastercard Move — the company’s suite of global money movement solutions.
The collaboration aligns with Saudi Vision 2030, reflecting Mastercard’s commitment to advancing the Kingdom’s financial services sector through digital innovation. With Mastercard Move, TeleMoney customers will be able to send funds to more than 160 countries across 200+ markets and in 150 currencies, covering over 95% of the world’s banked population.
Adam Jones, Division President for West Arabia at Mastercard, emphasized that digital transformation has made the world more interconnected than ever, stating:
“Our work with TeleMoney will enable us to empower consumers to move their money as they please with the simple click of a button.”
Khalid Al Ibrahim, Head of TeleMoney at Arab National Bank, highlighted the growing preference among Saudi residents for digital transactions, adding:
“Our collaboration with Mastercard will allow us to serve our customers’ money movement needs more promptly, securely, and conveniently.”
The move comes as Saudi Arabia continues to cement its position as a regional financial hub, driven by a surge in expatriate remittances. According to the Saudi Central Bank (SAMA), remittances rose 15% year-on-year in June 2025 to reach SAR 13.83 billion, underscoring the growing demand for efficient, tech-driven financial services.
Through Mastercard Move, banks and financial institutions can offer faster, more secure, and cost-effective international transfers — a step forward in simplifying global money movement for individuals and businesses alike.
