MoneyGram International, Inc., a prominent global financial technology company facilitating connections between communities worldwide, has unveiled a strategic collaboration with barraq, an innovative financial technology app. Through this partnership, consumers in Saudi Arabia can utilize the barraq mobile app for sending funds to family and friends globally, leveraging MoneyGram’s advanced cross-border technology platform.

“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,” expressed 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 solidified its status as the preferred remittance partner in the Middle East digital ecosystem, evidenced by the Company’s recent successes with digital partners and significant regional growth. This collaboration underscores MoneyGram’s commitment to deepening relationships with existing partners and seizing opportunities for further expansion in the Middle East.

“We are pleased to launch this strategic partnership with MoneyGram, a trusted money transfer provider with an expansive global network,” shared 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.”

The partnership between MoneyGram and barraq represents a significant step towards enhancing financial inclusivity and facilitating seamless cross-border transactions for consumers in Saudi Arabia and beyond. By leveraging MoneyGram’s robust technology platform and barraq’s innovative financial solutions, the collaboration aims to streamline the process of sending funds globally, empowering individuals to support their loved ones efficiently and securely.

As MoneyGram continues to strengthen its presence in the Middle East, the partnership with barraq underscores the Company’s strategic focus on leveraging partnerships to drive growth and innovation in key markets worldwide. With the integration of barraq’s cutting-edge app into MoneyGram’s extensive network, both companies are poised to deliver enhanced value and convenience to customers, marking a pivotal development in the evolution of financial technology in the Middle East region.