Saudi fintech barq and Alipay+ have announced a new agreement that will make barq part of Alipay+’s international network. The move is part of the ongoing expansion of Alipay+’s unified electronic payment portal service that includes more than 35 digital wallets and banking applications worldwide.

Following the necessary regulatory approvals, the MoU was signed between the two companies on the sidelines of LEAP 25, the world’s most attended tech event, hosted by the Kingdom for the fourth consecutive year at the Riyadh Exhibition and Convention Center in Malham, from Feb. 9 to 12.

The memorandum paves the way for barq to partner with Alipay+ to facilitate travel and shopping experiences for its customers, which in turn will contribute to enhancing tourism in the Kingdom.

Alipay+ is a global mobile payment service from Ant International, the parent company of Alipay+, designed to expand its presence outside China, allowing for cross-border payments. Alipay+ integrates various payment methods from different countries and regions, enabling users to purchase products and services using their local payment systems, while merchants benefit from a comprehensive global payment platform.

Faisal Al-Khamisi, chairman of barq, said: “I am pleased today to express our pride and joy in signing the MoU with our partners at Alipay+, the leading international network. We are proud to be part of the expansion of Alipay+ worldwide, hoping that this important step will soon provide barq’s customers with more solutions and benefits that will make their experience faster, easier, more flexible, and secure, which aligns with our goal of achieving their satisfaction and meeting their aspirations.”

Leiming Chen, senior vice president and chief sustainability officer of Ant International, said: “LEAP is a global platform for KSA’s biggest innovators and fintech leaders. There is no better setting to join hands with barq to foster innovation and inclusion in the Kingdom through cross-border payments and mobile services for inbound and outbound travelers.”

The agreement is a part of barq’s efforts to expand its partnerships that support the development of its services and enhance the effectiveness, flexibility, and security of financial transactions. This aligns with Saudi Arabia’s Vision 2030, which aims to develop the financial sector, especially amidst the rapid growth being witnessed in the fintech and digital payments sector in the Kingdom.