Saudi mada, Qatar HIMYAN Sign Cross-Border Card Deal

Saudi Arabia's fintech sector unveiled a series of cross-border payment and investment developments during Money20/20 Middle East, held in Riyadh in September 2026, headlined by a new interoperability agreement between the Saudi and Qatari card schemes.

The Saudi Central Bank and Qatar Central Bank signed an agreement linking the Saudi national card scheme mada with Qatar's HIMYAN scheme. The deal allows cardholders in both countries to use their mada and HIMYAN cards seamlessly across the two markets, with transactions processed through each country's national payment infrastructure.

Officials framed the arrangement as a step toward faster, more secure and more efficient card-based cross-border payments for both consumers and merchants in the region. For users, onboarding, transactions and any disputes will be handled through banks and payment service providers licensed by the Saudi Central Bank, using their existing digital channels and customer service workflows. The service is delivered via bank cards and payment terminals or mobile apps, not through government platforms.

At this stage, no official 2026 schedule of per-transaction fees, foreign-exchange margins or spending caps for mada–HIMYAN cross-border use has been published.

Investment and expansion moves

Alongside the interoperability agreement, Saudi digital payments firm barq announced a Series A investment round worth the equivalent of 329.5 million Saudi Riyals, aimed at expanding its digital wallet and payment services in Saudi Arabia and the wider Gulf.

barq also signed three strategic partnership agreements on the sidelines of the event to develop digital and technological payment solutions, including work on innovative cross-border transfer capabilities with a global digital payments provider. The partnerships target an improved customer experience, wider acceptance and stronger cross-border transfer options for its wallet users. Detailed pricing for these services is set by barq and listed in its customer tariffs rather than in event announcements.

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