Barq receives preliminary approval from Saudi Central Bank to add financing services

Barq Financial announced it has received preliminary approval from the Saudi Central Bank to add financing services to its business scope. This strategic move supports the company's aim to expand its digital financial ecosystem and offer a more integrated range of financial services and solutions in the Kingdom, including the development of Shariah-compliant financing products.

The approval marks a new milestone in Barq's growth, making it the first digital payments company (digital wallet) in Saudi Arabia to receive initial approval to add financing activities. This strengthens Barq's transition from providing digital payment solutions to building a more comprehensive financial experience that combines payments and financing services within a single digital platform.

This step is part of Barq's strategy to develop an integrated model for digital financial services by expanding the solutions it offers to customers and enhancing the connection between their daily needs for payments, transfers, and other financial services. The goal is to create a system capable of delivering a more seamless, flexible, and integrated experience, and to provide Shariah-compliant financing solutions that meet the needs of various customer segments.

Through this expansion, Barq aims to continue developing its products and services in line with the rapid changes in the Kingdom's financial sector, leveraging advances in financial technology to innovate new models and solutions that improve access to financial services and enhance the customer experience.

The practice of financing activities and the launch of related financing products remain subject to the completion of regulatory requirements and procedures, as well as obtaining final approvals from the Saudi Central Bank.