Beyond ONE, the digital services provider and TMT-sector (technology, media, telecommunications) investment and operations company, has announced the launch of FRiENDi Pay, a digital mobile wallet service that will simplify remittances, reduce costs, and increase efficiency for FRiENDi mobile subscribers in Saudi Arabia.
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 service enables access to banking services and fosters financial inclusion for a demographic that hasn’t always been accommodated. With seamless and instant international money transfers to countries that include Bangladesh, India, Pakistan, and the Philippines, among others, FRiENDi Pay offers cash-to-account (CTA), account-to-account (A2A), and wallet transfers.
The introduction of fintech services to Beyond ONE’s digital platform for FRiENDi Mobile is part of the organization’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.
Beyond ONE puts our customers in the driving seat of as many of their decisions as we can, and we do this by helping to build and reshape their digital ecosystems so that it is more connected, inclusive, and enriching, but always as simple as possible. FRiENDi Pay is an excellent example, and one we are delighted to be able to bring to our customers in the Kingdom. It is also just the beginning of the suite of innovations that Beyond ONE will be bringing to the worlds of both our FRiENDi Mobile and Virgin Mobile brands, in the Middle East, Latin America and beyond.Markus Tagger, Group CEO, Beyond ONE
Successfully launching FRiENDi Pay is a milestone moment for us, and the more than 875,000 downloads of the app already, signals a real need for instant, user-friendly financial services that provide immediate benefits. Not only are we making it as simple, convenient, and accessible as possible to initiate payments, FRiENDi Pay is also adding immediate value by waiving transfer costs for the first transaction.Adeel Niazi, Group Chief Fintech Officer, Beyond ONE
FRiENDi Pay is regulated by Saudi Central Bank and operates under an authorized agent banking license with close coordination and association with Saudi Investment Bank.