The financial technology app barraq has signed a strategic partnership agreement with MoneyGram leading global financial technology company that connects the world’s communities.

Through this partnership, consumers in Saudi Arabia will be able to use their barraq app to send funds around the world. MoneyGram’s innovative cross-border platform will enable recipients to receive funds directly into bank accounts and mobile wallets, or cash out at over 450k retail locations across more than 200 countries and territories worldwide.

Barraq CEO Ahmed Alenazi said: “We are pleased to sign this agreement With a giant money transfer operator like MoneyGram, and we look forward to more partnerships with major entities around the world to meet our customers' aspirations.”

MoneyGram CEO Alex Holmes said: “I’m thrilled to be here today with the barraq team, as they join a growing list of global fintech partners choosing MoneyGram for its vast network, leading technology and mobile APIs. barraq is anticipated to be one of the region’s fastest growing financial apps, so we’re excited for this partnership to help continue to expand our leadership position in the Middle East.”

The agreement was signed by Ahmed Alenazi on behalf of barraq, and by Alex Holmes on behalf of MoneyGram.

barraq obtained its license from the Saudi Central Bank (SAMA) last January. barraq developed by young Saudi talents. It is expected to rank highly among digital wallet options for its features, secure payment methods and device compatibility.