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FINANCIAL SERVICES-
#1- Saudi National Bank (SNB) is launching a point-of-sale (PoS) lending service for SMEs by partnering with Dubai-based Tarabut and homegrown Geidea, it said in a press release. The solution will allow merchants to access SNB-provided capital directly on their Geidea payment terminals, a process powered by Tarabut’s open banking and lending technology, in order to simplify access to working capital. The program is pending final approval from the Saudi Central Bank (Sama).
BACKGROUND- Geidea and Tarabut inked an MoU back in November 2024 to tailor financing solutions for Saudi SMEs, with the aim to address a SAR 300 bn domestic funding gap by combining Geidea extensive PoS network with Tarabut’s advanced tech stack to deliver faster and more accessible lending options across the Kingdom.
#2- D360 + TerraPay open Saudi remittance rail: PIF-backed D360 Bank partnered with UK-based payment solutions company TerraPay to enable instant or next-day transfers into the Kingdom through bank accounts and mobile wallets, according to a press release published on Monday. The service covers uses from family remittances and business payments to tourism and pilgrimage spending, streamlining what was once a fragmented process with standardized compliance and security checks.
ICYMI- D360 Bank and MoneyGram inked an MoU during the Money 20/20 event to integrate MoneyGram’s global network with D360 Bank’s platform to provide its customers with cross-border payment and international remittance services.
AVIATION-
Thai AirAsiaX will begin direct flights between Riyadh and Bangkok on 2 December, marking the AirAsia Group’s first service to Riyadh, the airline said in a statement last week. The route will run four times weekly — on Tuesdays, Thursdays, Saturdays, and Sundays — using a 285-seat Airbus A330 with 30 premium flatbeds and 255 economy seats. The seven-and-a-half hr flight will connect Riyadh travelers to AirAsia’s wider network across Asean, Asia, and Australia via Bangkok. Saudi nationals can enter Thailand through e-visa and visa-on-arrival options.
