Saudi Arabia’s fastest-growing digital payments wallet, Barq, has announced three strategic partnership agreements at the Money20/20 Middle East conference in Riyadh. The deals with global and local leaders in payments, insurance, and compliance are set to significantly enhance its service offerings and strengthen its position in the Kingdom’s booming financial sector. 🤝
Powering a Year of Hyper-Growth
The new partnerships come on the heels of a remarkable first year for the fintech startup. Barq has achieved exponential growth, reaching over 8 million users from 150 nationalities, issuing more than 6.5 million digital payment cards, and processing over 500 million payment transactions. These milestones underscore the rapid consumer adoption of digital finance in the Kingdom and position Barq as a key player in the move towards a cashless economy. 🚀
Expanding Capabilities Across a Trio of Partnerships
The agreements announced at the conference target three core areas of Barq’s operations:
- Cross-Border Payments with iPiD: A partnership with global payments leader iPiD aims to develop innovative cross-border payment solutions, making international transfers faster, more secure, and more reliable for Barq’s diverse user base.
- Digital Insurance with Tawuniya: A collaboration with Tawuniya Insurance, one of Saudi Arabia’s largest insurers, will explore integrating financial and technological solutions to enrich the digital experience for insurance customers.
- Global Compliance with Innovative Systems: To enhance its regulatory framework, Barq has partnered with Innovative Systems, a global leader in compliance. This will integrate advanced sanctions technologies to ensure adherence to international regulations and mitigate operational risks.
A Strategic Vision for a Cashless Kingdom
According to Saad Al-Muhanna, CEO and Co-Founder of Barq, these agreements reflect the company’s firm commitment to developing the digital payments ecosystem. The partnerships are a core part of Barq’s strategy to drive innovation and open new horizons for the financial sector’s growth, in line with the objectives of Saudi Vision 2030.
About Barq
Barq is a leading and fast-growing digital payments wallet in Saudi Arabia, offering innovative and secure financial solutions. Since its launch, the company has rapidly expanded its user base by providing a seamless digital payment experience, serving millions of users from over 150 nationalities and contributing to the Kingdom’s digital transformation.
Source: Zawya
