Beyond ONE, the digital services provider and TMT-sector investment and operations company announced the launch of FRiENDi Pay, a digital mobile wallet service in Saudi Arabia.
The new digital service will simplify remittances, reduce costs, and increase efficiency for FRiENDi mobile subscribers.
The service will enable access to banking services and is expected to be for seamless and instant international money transfers to countries such as Bangladesh, India, Pakistan, and the Philippines, among others.
FRiENDi Pay offers cash-to-account (CTA), account-to-account (A2A), and wallet transfers.
With remittances a significant element of banking in Saudi Arabia, given its 40 percent (13.4 million) expatriate population, many of whom are sending money back to their home countries every month. FRiENDi Pay brings a new level of convenience, transparency and peace of mind to its customers, the company said in a media statement.
The introduction of fintech services to Beyond ONE’s digital platform for FRiENDi Mobile is part of the organisation’s broader mission to enhance, simplify and widen the worlds of its customers, wherever they are.
Additional digital services are in the pipeline for all its brands, all with the focus on bridging gaps and building communities, in ways that are already challenging the current industry status quo, the company said.
FRiENDi Pay is regulated by the Saudi Central Bank and operates under an authorized agent banking license with close coordination and association with the Saudi Investment Bank.
Follow us on
