Through this partnership, consumers in
Saudi Arabia will be able to use
the barraq mobile app to send funds to family and friends
globally
barraq joins a growing list of MoneyGram
digital partners across the Middle
East, one of the world's largest and fastest-growing
outbound remittance regions
DALLAS, March 28,
2024 /PRNewswire/ -- MoneyGram International,
Inc. ("MoneyGram" or the "Company"), a leading global financial
technology company that connects the world's communities, today
announced a strategic partnership with innovative financial
technology app barraq. Through this partnership, consumers in
Saudi Arabia will be able to use
the barraq mobile app to send funds to family and friends globally.
This is made possible through MoneyGram's advanced cross-border
technology platform that enables recipients to access their funds
through a suite of digital methods and retail locations around the
world.
"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," said
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 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 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."
To celebrate the partnership, Holmes and Alenazi signed the
agreement together at the LEAP 2024 conference in Riyadh.
About MoneyGram International, Inc.
MoneyGram
International, Inc. is a global financial technology company
enabling consumers and businesses to move and manage money in
nearly every country around the world. Through its innovative
cross-border platform, MoneyGram provides millions of consumers
globally the ability to send money home for family and friends to
pick up in cash or receive directly to a bank account, mobile
wallet or card. The Company is a pioneer in the use of blockchain
technology at scale and also enables consumers to buy, sell and
hold digital currencies on its industry-leading app. With one of
the world's most extensive and dynamic cash distribution networks,
MoneyGram has become the single largest on and off-ramp provider
for digital currencies in the world. The MoneyGram team spans the
globe with over 2,000 employees across 36 countries, representing
more than 75 nationalities. Headquartered in Dallas,
Texas, and known for its strong
corporate culture globally, MoneyGram has been named a recipient of
the Top Workplaces USA award for two consecutive years.
By the numbers, MoneyGram serves more than 50 million people in
over 200 countries and territories each year, processing more
than $200 billion USD annually. Relentlessly
digital-first and customer-centric, the Company's digital
transactions now account for over 50% of its money transfer
business.
Media Contact
Sydney
Schoolfield
sschoolfield@moneygram.com
About barraq
barraq is Saudi
Arabia's latest innovative financial technology app.
Developed by young Saudi talents, barraq obtained its license from
the Saudi Central Bank in January
2024. barraq aims to provide financial products and services
that will transform daily life and fulfill users' exact needs while
combining both convenience and joy at every interaction.
Media Contact
Abdulaziz Alrediny
Aialrediny@barraq.com.sa
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SOURCE MoneyGram