Industry Updates

'SAMENA Daily' - News

MoneyGram partners with FinTech app barraq in Saudi Arabia

MoneyGram International, Inc., a global financial technology company, has announced a strategic partnership with the FinTech app barraq.

Through this partnership, consumers in Saudi Arabia will be able to use the barraq mobile app to send funds to family and friends globally. This is made possible through MoneyGram’s cross-border technology platform that enables recipients to access their funds through a suite of digital methods and retail locations around the world.

“We’re thrilled to partner with the barraq team as they join a growing list of global fintech partners choosing MoneyGram for our vast network, leading technology and mobile APIs,” said Alex Holmes, MoneyGram Chief Executive Officer. “barraq is anticipated to be the Middle East’s fastest-growing financial app, so we’re excited to reach new customers and expand our leadership position in one of the world’s largest outbound remittance regions.”

MoneyGram has established itself as the preferred remittance partner in the Middle East digital ecosystem, evidenced by the Company’s recent successes with digital partners and significant growth in the region. As MoneyGram continues to deepen relationships with existing partners in the Middle East, today’s announcement highlights opportunities for even further expansion.

“We are pleased to launch this strategic partnership with MoneyGram, a trusted money transfer provider with an expansive global network,” said Ahmed Alenazi, barraq Chief Executive Officer. “It’s been exciting to see demand build for barraq, and we look forward to our app ranking very highly among digital wallet options for its features, secure payment methods and device compatibility. We look forward to partnering with MoneyGram on our journey.”