barq, Saudi Arabia’s fastest-growing digital payments wallet, has signed three major partnership agreements aimed at expanding its presence in the financial services and technology sector. The deals were announced on the sidelines of the Money20/20 Middle East conference, which is being held in Riyadh from 15–17 September 2025.
The agreements are designed to support barq’s ambitions in developing innovative financial solutions and strengthening its role in the Kingdom’s shift towards a digital economy.
One of the agreements was concluded with iPiD, a global player in digital payment systems. The partnership will focus on improving customer experience and creating advanced cross-border payment solutions. According to the company, this will help to speed up international money transfers while improving their reliability and security – a priority as global trade flows continue to expand. Representing barq at the signing was Thamer Al-Harbi, Director of International Partnerships, alongside Sourabh Ranjan, Regional Director for the Middle East, Africa, and India, for iPiD.
On the second day of the event, barq also signed an agreement with Tawuniya Insurance, one of Saudi Arabia’s largest insurance providers. The partnership is centred on exploring opportunities across financial and technological products and services. Tawuniya will benefit from barq’s integrated solutions, aimed at improving its customer offering and enhancing the digital experience in the insurance sector. The deal was signed in the presence of Hamoud Al-Badr, Director of Individual Life Insurance Sales at Tawuniya, and Muath Al-Sadhan, General Manager of Corporates at barq.
A further agreement was signed with Innovative Systems, a global leader in compliance technology. This collaboration seeks to strengthen barq’s compliance framework by deploying Innovative Systems’ global sanctions solutions, ensuring adherence to international regulations while reducing operational risks. The deal was formalised by Talal Al-Qahtani, Chief Commercial Officer at barq, and Deborah Overdieb, Executive Vice President at Innovative Systems.
The announcements come after a strong first year for barq. The company has already built a user base of more than 8 million people from 150 nationalities, issued over 6.5 million digital payment cards, and processed upwards of 500 million transactions. The rapid growth reflects Saudi Arabia’s acceleration towards a cashless economy, positioning barq as a leading provider of digital payment solutions both domestically and across the region.
