barq, the fastest-growing digital payments wallet in the Kingdom, announced the signing of three strategic partnership agreements on the sidelines of the Money20/20 Middle East conference hosted in Riyadh on Sept. 15–17, thereby strengthening its position in the digital payments and financial services sector.
barq signed a cooperation agreement with iPiD, a global leader in digital payment solutions, with the aim of enhancing customer experience and developing innovative cross-border payment solutions.
This contributes to accelerating financial transfers and enhancing their reliability and security, in line with the growing expansion of international trade flows.
barq was represented at the signing ceremony by Thamer Al-Harbi, director of international partnerships, while the partner company was represented by Sourabh Ranjan, regional director for the Middle East, Africa, and India.
On the second day of the conference, barq signed a strategic partnership agreement with Tawuniya Insurance, one of the largest insurance companies in the Kingdom.
The agreement focuses on exploring opportunities for cooperation in financial, technological, and related products and services, leveraging the innovative and integrated solutions provided by barq to support Tawuniya’s customers and enrich the digital experience in the insurance sector.
The signing ceremony was attended by Hamoud Al-Badr, director of Individual Life Insurance Sales, representing Tawuniya, and Muath Al-Sadhan, general manager of corporates, representing barq.
barq also entered into a strategic partnership with Innovative Systems, a global leader in a key compliance solution.
This partnership aims to enhance barq’s compliance program by leveraging Innovative Systems’ advanced global sanctions technologies, ensuring adherence to international sanctions regulations while mitigating operational risks.
Representing barq at the signing was Talal Al-Qahtani, chief commercial officer, while the agreement was signed on behalf of Innovative Systems by Deborah Overdieb, executive vice president.
Saad Al-Muhanna, CEO and co-founder of barq, said these agreements stem from barq’s firm commitment to developing the digital payments ecosystem and its dedication to building impactful partnerships with leading global and regional companies.
This contributes to driving innovation and opening new horizons for the growth of the financial sector in the Kingdom and the region.
This step comes within barq’s ongoing efforts to expand its strategic partnerships network locally and internationally and to deliver advanced digital financial solutions.
This coincides with the company’s distinguished performance during its first year, in which it reached over 8 million users from 150 nationalities, issued more than 6.5 million digital payment cards, and executed more than 500 million payment transactions.
These milestones reflect the Kingdom’s rapid transformation toward a cashless digital economy and reaffirm barq’s position as a leading provider of innovative digital payment solutions.
