FinTech barq and TerraPay team to boost global money transfers

By Delisha Fernandes

Saudi-based FinTech application barq has signed a strategic partnership with the global money movement company TerraPay. This collaboration aims to provide fast and secure international money transfer services.

Ahmed Alenazi, CEO of barq, stated, “We are delighted to collaborate with TerraPay to enhance our international money transfer services. This alliance reflects our commitment to innovation and customer satisfaction.”

Supported by TerraPay’s extensive global payments network, this agreement aligns with barq’s efforts to expand its service offerings, catering to customer needs and keeping pace with the growth of the FinTech sector, both within and beyond the Kingdom.

Ani Sane, Co-founder & Chief Business Officer – TerraPay, said, “This partnership is not just another agreement; it is a testament to our commitment to supporting promising projects in Saudi Arabia like barq. Through this collaboration, we aim to deliver fast, efficient, and secure international money transfer services that adhere to global standards.”

TerraPay simplifies the movement of money everywhere – providing a single connection to the most expansive cross-border payments network regulated in 30 global markets and enabling payments to 141 receive countries, 210+ send countries, 7.5 billion+ bank accounts and 2.1 billion+ mobile wallets.

barq received a license from the Saudi Central Bank (SAMA) in January of this year. Developed in Riyadh by Saudi talent, barq is expected to revolutionise the Kingdom’s FinTech sector in the coming years. This is due to its unique services, secure payment methods, and the expertise of its team.