Saudi and Qatar central banks agree to link mada and HIMYAN cards

Money20/20 Middle East in Riyadh delivered a cross-border payments deal between Saudi Arabia and Qatar, plus fresh fintech funding and expansion announcements. The event also underscored Saudi Arabia’s growing appeal to investors as the Kingdom pushes further into digital finance.

Why it matters: - The Saudi Central Bank and Qatar Central Bank agreement could make everyday cross-border payments easier for cardholders in both countries. - The announcement adds to a broader push to turn Saudi Arabia into a regional fintech hub with more capital, infrastructure and payment options. - The event also showed that major funding rounds and market entries are still landing in the Gulf fintech sector.

What happened: - Saudi Central Bank and Qatar Central Bank announced an agreement to enable cross-border use of the mada and HIMYAN national payment cards. - The agreement will let mada and HIMYAN cardholders use their cards across Saudi Arabia and Qatar. - Money20/20 Middle East continued in Riyadh on day two with payments, regulation, AI and investment among the main themes. - The event runs through 16 September at the Riyadh Exhibition & Convention Centre in Malham. - Registration and more information are available at Money20/20 Middle East.

The details: - H.E. Ayman Al Sayari, Governor of SAMA, opened day two with remarks on scaling financial ecosystems with stability. - Saudi Arabia’s fintech sector now includes 371 companies operating across the Kingdom. - Electronic payments account for more than 85% of retail payment transactions in Saudi Arabia. - More than 307 entities are operating under the Kingdom’s open banking framework. - Investment in the sector exceeded SAR 30 billion by the end of H1 2026. - barq announced a Series A funding round of USD 329.5 million at a USD 1.85 billion valuation. - Network International launched merchant acquiring services in Saudi Arabia, including point-of-sale and e-commerce payment solutions. - Sessions during the event also focused on attracting global capital, trust in digital finance, AI in financial decision-making and the role of regulation in resilient financial systems.

Between the lines: - The SAMA-Qatar Central Bank deal suggests Gulf regulators are moving from domestic payment upgrades to more interoperable regional systems. - The funding and market-entry announcements show investors and payment providers still see room to scale in Saudi Arabia despite a crowded fintech landscape. - Speakers across the event emphasized a familiar theme: technology can speed finance up, but trust, regulation and human judgment still determine whether new systems stick. - The comments from investors and industry executives point to a market that is becoming more investable, with clearer rules and a more established exit path.

What's next: - More announcements are expected before Money20/20 Middle East closes on 16 September. - The card interoperability agreement will now need to translate into practical rollout for consumers and merchants in both countries. - Saudi Arabia’s fintech sector is likely to keep drawing attention from regional and global investors as new services and capital continue to enter the market.

The bottom line: - Day two of Money20/20 Middle East reinforced that Gulf fintech is shifting from ambition to execution, with cross-border payments, fresh funding and new market launches all arriving at once.