Riyadh - Mubasher: Arab National Bank’s (ANB) money transfer service, TeleMoney, has entered a strategic partnership with Mastercard to enhance global payment solutions.

Through Mastercard Move, TeleMoney users can send money to over 160 countries, offering faster, more affordable, and secure cross-border transfers, according to a press release.

The platform enables banks and financial institutions to provide seamless money movement across more than 200 countries and 150 currencies. It also reaches 95% of the world’s banked population.

Adam Jones, Division President, West Arabia, Mastercard, 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.”

Khalid Al Ibrahim, Head of TeleMoney, ANB, stated: “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.”

In line with the Saudi Vision 2030, the partnership accelerates the Kingdom’s shift toward digital financial solutions. It comes amid rising remittance flows from Saudi Arabia.

According to the Saudi Central Bank (SAMA), expatriate transfers grew by 15% year-on-year (YoY) to around SAR 13.83 billion in June 2025.

Earlier this month, ANB unveiled plans to redeem its $750 million fixed-rate resettable Tier 2 Sukuk on its fifth anniversary.