Riyadh — October 22, 2025:
Arab National Bank’s TeleMoney service has entered into a strategic partnership with Mastercard to expand and modernize cross-border payment capabilities across Saudi Arabia, marking a significant step in the Kingdom’s fintech and digital transformation journey under Vision 2030.
Through Mastercard Move, TeleMoney users can now transfer money to over 160 countries, benefiting from faster, more affordable, and secure international transactions. The platform supports money movement across 200+ countries and 150 currencies, covering 95% of the world’s banked population.
Adam Jones, Division President for West Arabia, Mastercard, said:
“Our collaboration with TeleMoney will empower consumers to move their money as they please with the simple click of a button. It reflects our shared commitment to advancing financial inclusion and cross-border connectivity.”
Khalid Al Ibrahim, Head of TeleMoney at ANB, added:
“As more people across the Kingdom shift toward digital solutions for remittances, we are committed to delivering seamless, innovative, and secure experiences that meet consumer expectations.”
The initiative aligns closely with Saudi Vision 2030’s goal to build a digitally enabled financial ecosystem and enhance the Kingdom’s standing as a regional fintech leader. It comes amid a rise in remittance activity, with the Saudi Central Bank (SAMA) reporting a 15% year-on-year increase in expatriate transfers, reaching SAR 13.83 billion in June 2025.
The partnership is expected to further strengthen the digital payments infrastructure in Saudi Arabia, supporting individuals and institutions in managing cross-border transactions efficiently while contributing to financial inclusion and innovation across the region.
