2 fintech pioneers sign a Memorandum of Understand at 24 Fintech in Riyadh, Saudi Arabia, taking the first step toward offering new B2B cross-border payment capabilities.
SiFi, a pioneering B2B fintech spend management company licensed by the Saudi Central Bank, and Thunes, the Smart Superhighway for money movement around the world, are pleased to announce that they have signed an agreement to explore a strategic collaboration aimed at enhancing international remittance services subject to final approval from the Saudi Central Bank.
This collaboration is designed to explore the potential to leverage the strengths of both companies to provide innovative financial solutions that meet the evolving needs of businesses across Saudi Arabia. The proposed partnership aims to explore how to facilitate seamless cross-border payments for SiFiʼs customers, empowering them with access to Thunesʼ extensive global network.
"We are excited to explore possibilities for such a collaboration with Thunes" said Ahmed Alhakbani, Co-founder & CEO of SiFi. "As we continue to innovate and expand our offerings, we remain committed to ensuring that all necessary regulatory requirements are met and that our services continue to align with the highest standards of compliance."
Thunesʼ Chief Revenue Officer, Middle East & South Asia, Simon Nelson, added, "This MoU with SiFi reflects our shared commitment to enhancing cross-border payment services in the region. We look forward to welcoming SiFi to the Thunes Global Direct Network, working closely together to explore how our combined capabilities can bring value to businesses across the region, all while ensuring strict adherence to regulatory guidelines."
Both companies emphasize that any formal partnership or service launch will be contingent upon receiving the appropriate approvals from the Saudi Central Bank. This prudent approach underscores their commitment to operating within the regulatory framework and maintaining transparent communication with all stakeholders.
SiFi and Thunes will provide further updates as the discussions progress and as they receive the necessary approvals to move forward.
About SiFi
SiFi (short for ‘Simplified Financeʼ) is a pioneering B2B fintech spend management company, licensed by the Saudi Central Bank. SiFi empowers businesses by offering instant corporate card issuance and streamlined expense management solutions. SiFi is on a mission to simplify finance management for all types of organizations, empowering them to optimize their spend, eliminate manual processes, and invest their time and money in what truly matters.
Learn more at https://sifi.app
About Thunes
Thunes is the Smart Superhighway for money movement around the world. Thunes’ proprietary Direct Global Network allows Members to make payments in real-time in over 130 countries and more than 80 currencies. Thunes’ Network connects directly to over 7 billion mobile wallets and bank accounts worldwide, via more than 350 different payment methods. Thunes’ worldwide reach, in-house Smart Treasury Management Platform (powered by AI) and Superior Compliance Infrastructure, ensures Members of the Network receive unrivalled speed, control, visibility, protection and cost efficiencies for global real-time payments. Headquartered in Singapore, Thunes has offices in 14 locations, including Barcelona, Beijing, Dubai, London, Manila, Nairobi, Paris, San Francisco and Sao Paulo.
Thunes puts money in motion. For more information, visit: https://www.thunes.com/