MoneyGram is partnering with Saudi fintech company Barraq

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By David Brooks

MoneyGram International, Inc. (“MoneyGram” or the “Company”), a leading global financial technology company connecting communities around the world, today announced a strategic partnership with the innovative financial technology app barraq.

Through this partnership, consumers in Saudi Arabia will be able to use the Barraq mobile app to send money to family and friends worldwide. This is made possible by MoneyGram’s advanced cross-border technology platform, which allows recipients to access their funds through a range of digital methods and retail locations around the world.

“We are excited to partner with the barraq team, joining a growing list of global fintech partners who choose MoneyGram because of our vast network, leading technology and mobile APIs,” said Alex Holmes, Chief Executive MoneyGram Officer. “Barraq is expected to be the fastest growing financial app in the Middle East. We are therefore pleased to attract new customers and expand our leadership position in one of the world’s largest regions for international remittances.”

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 extensive global network,” said Ahmed Alenazi, Chief Executive Officer of barraq. “It has been exciting to see the demand for barraq increase and we look forward to our app taking a very high place among digital wallet options due to its features, secure payment methods and device compatibility. We look forward to working with MoneyGram on our journey.”

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