Recently, Saudi fintech company barq announced a strategic partnership with Alipay+, a global mobile payment leader. Through this agreement, barq officially joins the Alipay+ global payment network as part of its unified electronic payment portal, which integrates over 35+ digital wallets and banking apps worldwide. This partnership is a significant step in barq’s ongoing efforts to expand its fintech collaborations and optimize payment solutions while supporting Saudi Arabia’s Vision 2030, which aims to modernize the financial sector and enhance digital economic growth.
Agreement Signing at LEAP 25 Tech Conference
Following the necessary regulatory approvals, barq and Alipay+ signed a Memorandum of Understanding (MOU) during LEAP 25, the world’s most attended tech conference, held at the Riyadh Exhibition and Convention Center in Malham from February 9 to 12, 2024. LEAP serves as a leading global technology platform that brings together innovators and fintech leaders to foster digital transformation in Saudi Arabia.
During the signing ceremony, Faisal Al-Khamisi, Chairman of barq, expressed his excitement about the partnership, stating: “We are honored to collaborate with the leading global payments network, Alipay+. This agreement brings us closer to our goal of delivering safer, faster, and more flexible payment solutions to our customers, enhancing their overall experience and meeting their expectations.”
Similarly, Leiming Chen, Senior Vice President and Chief Sustainability Officer of Ant International, remarked: “LEAP has become the premier platform for Saudi Arabia’s biggest tech innovations and fintech advancements. It is the perfect occasion for us to join hands with barq and, together with Alipay+, foster innovation and financial inclusion through cross-border payments and mobile services for inbound and outbound travelers in the Kingdom.”
Enhancing Cross-Border Payment Convenience in Saudi Arabia
Alipay+, a global payment solution under Ant International, is dedicated to expanding its network beyond China by integrating various local payment systems across different regions. This allows consumers to use their preferred domestic payment methods while enabling merchants to leverage a seamless global payment platform.
This strategic collaboration between barq and Alipay+ will bring significant benefits to Saudi Arabia’s digital economy, including:
✅ Seamless International Transactions – Alipay+ allows Saudi consumers to use local payment methods for international transactions, making global shopping and travel easier.
✅ Enhanced Security Standards – Leveraging Alipay+’s advanced security technologies, transactions are encrypted and authenticated through biometric verification, significantly reducing fraud risks.
✅ Boosting Saudi Arabia’s Tourism and Commerce – As the country experiences rapid growth in tourism, this partnership will enable international travelers to use familiar digital payment systems, enhancing their spending experience and contributing to economic growth.
Saudi Vision 2030 and Fintech Advancements
Saudi Vision 2030 is a national development plan launched on April 25, 2016, aimed at economic diversification, reducing oil dependency, and enhancing social, cultural, and financial sectors. The three core pillars of the vision are:
☑ Positioning Saudi Arabia as the heart of the Arab and Islamic world
☑ Transforming the country into a global investment powerhouse
☑ Leveraging Saudi Arabia’s strategic location as a central hub connecting Afro-Eurasia
Within the financial and digital payments sector, the Saudi government has been heavily investing in financial technology (Fintech) and digital payment infrastructures to provide a more efficient, secure, and integrated payment ecosystem. The barq–Alipay+ partnership aligns perfectly with these goals, reinforcing Saudi Arabia’s commitment to becoming a regional and global leader in fintech innovation.
barq’s Latest Partnerships and Fintech Strategy
In addition to its partnership with Alipay+, barq also signed an agreement with Mastercard earlier in 2024 to enhance payment acceptance solutions in Saudi Arabia. This collaboration enabled barq to leverage Mastercard’s global technology to provide businesses and consumers with a more comprehensive and personalized payment experience.
These strategic alliances reiterate barq’s ambition to strengthen its presence in the digital payments sector by integrating cutting-edge technology and global payment networks. By continuing to expand its ecosystem, barq aims to facilitate secure and flexible financial transactions, thereby supporting the growth of Saudi Arabia’s fintech industry.
Conclusion
The partnership between barq and Alipay+ marks a significant milestone in the evolution of cross-border payments in Saudi Arabia. As Alipay+ extends its international payment network, Saudi consumers and merchants will experience faster, safer, and more convenient global transactions. Furthermore, this collaboration will enhance Saudi Arabia’s digital financial ecosystem and align with the nation’s Vision 2030 objectives by driving fintech growth and fostering a smarter, more inclusive financial sector.
As Saudi Arabia continues to embrace digital advancements, barq, as a key fintech player, will remain at the forefront of technological innovation, cross-border financial integration, and seamless global transactions, ensuring a digital-first future for financial services in the region.
