MoneyGram International, Inc., a global financial technology company, has announced a new strategic partnership with the innovative financial technology app barraq. This partnership will allow consumers in Saudi Arabia to use the barraq mobile app to send funds to loved ones around the world. MoneyGram’s advanced cross-border technology platform will enable recipients to access their funds through various digital methods and retail locations globally.
“We are excited to collaborate with the barraq team as they become part of our network of global fintech partners,” said Alex Holmes, MoneyGram’s Chief Executive Officer. “barraq is expected to become the fastest-growing financial app in the Middle East, and we are thrilled to connect with new customers and strengthen our position in one of the world’s largest outbound remittance regions.”
MoneyGram has solidified its position as the preferred remittance partner in the Middle East’s digital ecosystem, showcasing significant growth in the region through successful partnerships with digital platforms. This new partnership with barraq further highlights MoneyGram’s commitment to expanding its presence in the Middle East.
Ahmed Alenazi, barraq’s Chief Executive Officer, expressed enthusiasm about the strategic collaboration with MoneyGram. “We are delighted to partner with MoneyGram, a trusted money transfer provider with a vast global network. The demand for barraq continues to grow, and we aim to establish our app as a top choice for digital wallet users with its features, secure payment methods, and device compatibility. We are excited to embark on this journey with MoneyGram.”
The partnership was officially confirmed at the LEAP 2024 conference in Riyadh, where Holmes and Alenazi signed the agreement. This collaboration marks a significant step forward for both companies in the digital financial landscape.
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