Sohar International has signed a cooperation agreement with the Saudi-based financial technology company Barq to explore new opportunities between the banking sector and digital financial services. The agreement was finalized on the sidelines of the Money20/20 conference held in Riyadh, which brought together regional and international financial institutions, investors, and fintech firms.
The agreement was signed by Khalid Al-Qathami, CEO of Sohar International’s branch in Saudi Arabia, and Saad Al-Muhanna, co-founder and Deputy CEO of Barq, in the presence of Ahmed bin Mohammed Al-Enazi, founder and CEO of Barq.
Abdulwahid Al-Murshidi, CEO of Sohar International, stated that the partnership aligns with the bank’s goal of building a globally connected financial platform. He noted that the collaboration aims to leverage the complementary capabilities of both organizations to create a more integrated digital financial ecosystem across Oman, Saudi Arabia, and the wider region.
Ahmed Al-Enazi of Barq emphasized that the partnership focuses on enhancing customer experience through digital transformation. He added that the collaboration provides an opportunity to explore new business models that can deliver sustainable value to both parties.
The agreement establishes a framework for the two entities to utilize their respective banking and technological expertise to develop innovative financial solutions. This initiative is part of Sohar International’s broader strategy to expand its regional presence and integrate modern technology with traditional banking to meet evolving market demands and regulatory requirements.