Riyadh - Sharikat Mubasher: Barq, the Saudi fintech and digital payments company, signed a cooperation agreement with the Omani services company Sohar International to explore new opportunities in banking and digital financial services.

The agreement was signed by Saad Almuhana, co-Founder and deputy CEO of barq, and Khalid Al Guthami, country chief executive officer of Sohar International’s KSA Branch, on the sidelines of Money20/20 Middle East in the presence of Ahmed Mohamed Alenazi, Founder and CEO of barq, according to the official statement released yesterday.

The agreement establishes a framework for both companies to leverage their complementary banking, technology, and digital capabilities to explore innovative financial solutions and create greater value for customers.

This collaboration provides a platform to explore cross-market opportunities that can contribute to a more connected, digitally enabled financial ecosystem, while supporting the continued evolution of financial services and complying with applicable regulatory, operational, and market requirements.

Commenting on the partnership, Alenazi said: “We are keen to extend barq's partnerships to financial institutions that share our ambition to improve the customer experience and harness the opportunities created by digital transformation. Our cooperation with Sohar International gives us the opportunity to explore new areas and work on models that can create lasting value for both parties.”

In turn, Abdulwahid Al Murshidi, chief executive officer of Sohar International, stated: “At Sohar International, we are focused on building a globally connected financial platform that enables greater access to opportunities across markets and supports the changing needs of our customers and partners. Our cooperation with barq reflects this approach, bringing together complementary capabilities to explore solutions that can contribute to a more connected and digitally enabled financial ecosystem across Oman, Saudi Arabia and the wider region.”

The partnership further strengthens Sohar International’s engagement with the region's evolving financial ecosystem and supports its strategy of combining banking expertise, technology and strategic relationships to unlock new opportunities across markets.