Saudi and Qatar central banks expand card use as Money20/20 Middle East spotlights investment momentum

Saudi and Qatar central banks signed an agreement on day two of Money20/20 Middle East in Riyadh to let Mada and Hamiyan cardholders use their national cards in both countries. The event also featured a major barq funding round, a new Network International merchant payments launch in Saudi Arabia, and fresh signals that fintech investment in the kingdom is accelerating.

Why it matters: - The Saudi-Qatari agreement expands cross-border card acceptance and could make payments easier for travelers and merchants in both markets. - The deal adds to a wider push in Saudi Arabia to deepen digital payments, fintech activity and regional financial integration. - New funding and infrastructure announcements show capital and payment networks are still expanding across the Gulf fintech market.

What happened: - The Saudi Central Bank and Qatar Central Bank announced an agreement at Money20/20 Middle East in Riyadh that will allow Mada and Hamiyan cards to be used in both countries. - Saudi Central Bank Governor Ayman bin Mohammed Al-Sayari opened the second day of the conference and highlighted the rapid growth of Saudi Arabia’s fintech sector. - barq announced a Series A funding round of $329.5 million at a valuation of $1.85 billion. - Network International launched merchant payment acceptance services in Saudi Arabia. - The conference ran at the Riyadh Exhibition and Convention Center in Malham through Sept. 16.

The details: - Saudi Arabia’s fintech sector now includes 371 operating companies. - Electronic payments account for more than 85% of total retail payment transactions in the kingdom. - More than 307 entities are currently operating under Saudi Arabia’s open banking framework. - Investment in the sector exceeded 30 billion riyals by the end of the first half of 2026. - The Saudi-Qatari card agreement is designed to let holders of Mada and Hamiyan cards use them smoothly and securely in both countries. - barq’s Series A round strengthens its position among the fastest-growing fintech companies in Saudi Arabia and the region. - Network International’s Saudi launch includes point-of-sale solutions for in-store payments. - Network International also introduced e-commerce services, including an online payment gateway for websites and digital channels. - Sessions at the event covered investment attractiveness, trust in financial systems, AI in capital allocation and the role of governments in building financial systems.

Between the lines: - The announcements suggest Saudi Arabia is moving from market-building to market-scaling, with regulation, capital and infrastructure advancing at the same time. - Speaker comments at the event pointed to a broader shift in regional fintech: the debate is no longer just about potential, but about execution, trust and commercialization. - The central bank figures and funding rounds also signal that investors still see the kingdom as a top destination for financial technology growth.

What's next: - Money20/20 Middle East continues in Riyadh, with expectations of more investment announcements and sector updates. - The Saudi-Qatari payment agreement will now move toward implementation across both national card networks. - Network International’s merchant services and barq’s expansion are likely to add more competition in Saudi Arabia’s payments market. - Further discussion at the event is expected to focus on scaling digital finance, regulatory coordination and the use of AI in financial decision-making.

The bottom line: - Day two of Money20/20 Middle East showed the Gulf fintech market moving from policy and partnerships into live cross-border payments, new capital and product launches.