MoneyGram and D360 Bank Partner to Revolutionise Cross-Border Payments in Saudi Arabia

Money20/20 Middle East in Riyadh this year wasn’t short on big announcements, but one that caught plenty of attention was the signing of a Memorandum of Understanding between MoneyGram and Saudi Arabia’s D360 Bank. The deal is pitched as a step toward strengthening digital cross‑border payments, very much in line with the Kingdom’s Vision 2030 drive to modernise its financial sector and push towards a cashless society.

MoneyGram, which many people will know for its long history in remittances, is tying its global network to D360, the Saudi digital bank backed by the Public Investment Fund and Derayah Financial. The idea is fairly straightforward: bring faster, safer, tech‑driven international transfers to D360 customers and, in doing so, bolster consumer choice in a market where demand for international payments is significant.

Ahmed Aly, who heads up MoneyGram across the Middle East, South Asia and Asia Pacific, described the partnership as a way to “create new pathways for customers to move money seamlessly across borders.” On the other side, Osama Alshathri from D360 talked about making banking more intuitive and using this collaboration to connect clients to one of the largest payment infrastructures in the world. Strong words, but given the scale of MoneyGram’s network — more than 480,000 retail locations and access to five billion digital endpoints — not entirely over the top.

From the angle of entrepreneurs, especially those juggling suppliers or partners abroad, this sort of tie‑up could cut down plenty of faff. I still remember a founder I met in Jeddah, who told me how moving funds internationally for a modest import business was a nightmare of paperwork and hidden fees. For him, anything that puts a dent in friction across borders would be spot on.

That said, I reckon the real test will be execution. Partnerships look slick on stage at big conferences, but customers are quick to turn their backs if a service feels clunky or costs don’t stack up. And believe it or not, in markets like Saudi where fintech adoption has raced ahead, expectations are sky‑high.

Beyond the headlines, D360 Bank is setting itself apart as the Kingdom’s first fully digital, Sharia‑compliant bank. Its team blends local know‑how with international expertise, and the mission is pretty clear: make banking faster, fairer and more attuned to the aspirations of everyday people and small businesses alike. That lines up neatly with Vision 2030, but also raises the bar among peers.

At Arageek we’ve often said that fintech partnerships aren’t just about moving money; they’re a test bed for trust. People don’t adopt platforms they can’t rely on, no matter how flashy the tech. In this case, bringing together a global name and a youthful Saudi digital bank feels like one of those moves that could shift the dial — provided the follow‑through is, well… genuine.

So while the signing is only an MoU for now, it signals how serious both sides are about making cross‑border payments smoother. And if they deliver, many in the startup and SME space here will be chuffed to bits. What happens next will matter far more than the fanfare, but the direction is definately worth noting.

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