The TeleMoney money transfer service of Arab National Bank (ANB) has entered a strategic partnership with Mastercard to improve the international payment solutions.
According to a press release, TeleMoney users are able to transfer money to more than 160 countries through Mastercard Move, which is faster, cheaper, and safer for transferring money internationally.
The platform allows financial institutions and banks to offer a smooth flow of money across over 200 countries and 150 currencies. It also covers 95 percent of the banked population in the world.
Division President, West Arabia, Mastercard, Adam Jones, said, “Our work with TeleMoney will enable us to do exactly that, empowering consumers to move their money as they please with the simple click of a button.”
Head of TeleMoney, ANB, Khalid Al Ibrahim, added that “As more people across the Kingdom favor digital services to in-person cross-border payments, we are committed to delivering the innovative solutions that consumers demand.”
The collaboration will speed up the process of digitizing financial solutions in the Kingdom in accordance with the Saudi Vision 2030. It is presented in the environment of increasing Saudi Arabian remittances.
The Saudi Central Bank (SAMA) indicated an increase in expatriate transfers by 15 percent on a year-on-year (YoY) basis to approximately SAR 13.83 billion by June 2025.
Early this month, ANB announced its intention to redeem its $750 million fixed-rate resettable Tier 2 Sukuk on its fifth anniversary.
