The Saudi Central Bank and the Qatar Central Bank announced an agreement that allows holders of the two countries' national payment cards, mada and Himyan, to use them seamlessly and securely across Saudi Arabia and Qatar, in a move unveiled during the second day of Money20/20 Middle East 2026 in Riyadh.
The announcement came as Ayman bin Mohammed Al-Sayari, Governor of the Saudi Central Bank, delivered the day's opening address, in which he highlighted the rapid growth of the Kingdom's fintech sector, now home to 371 active companies, with electronic payments accounting for more than 85% of total retail payment transactions and more than 307 entities operating within the open banking framework. He also noted that investments in the sector exceeded SAR 30 billion by the end of the first half of 2026, reinforcing Saudi Arabia's position as an investment destination in the region.
In parallel, digital payments company barq closed a Series A funding round worth USD 329.5 million at a valuation of USD 1.85 billion, strengthening its standing among the fastest-growing fintech firms in the Kingdom and the wider region, while Network International launched merchant payment acceptance services in Saudi Arabia, covering point-of-sale solutions that let merchants accept in-store payments as well as e-commerce services including an online payment gateway.
A session titled "Building an Investment-Attractive Nation: Why Global Capital Chooses Saudi Arabia" examined the factors drawing investors to the market. "The Kingdom has moved from being a promising market to an attractive one for investment, and that is a significant shift for investors," said Mohamed Alaa El-Din, General Partner at Development Partners International, pointing to clearer regulatory frameworks, a deeper capital base, and more defined paths toward liquidity and exits. Abdulkarim Samakie, Director General of the Fintech Sector at the Ministry of Investment, said international investors have wide opportunities in fintech and technology, where many companies have reached advanced maturity and now operate under clear regulations, opening the door not only to investment but also to acquisitions and market entry by international firms.
Discussions also addressed trust in financial systems, with Fahad Al-Qathami, CEO of American Express Saudi Arabia, noting that as the world relies more on digital solutions, trust becomes more critical, and that ease of access alone will not deliver real value without security. A separate session on capital allocation explored artificial intelligence's role in financial decisions, with Fareeha Ansari Javed, Partner and Head of GCC and Global Capital Formation at Stride Ventures, drawing a distinction between capability and accountability in how AI is applied.