Barq

Barq is Barraq Finance Company, a SAMA e-wallet. Decision 26/M SM/1445. The privacy policy names a closed joint-stock company in Riyadh, not a bank. One million users in 21 days is a launch stat, not a balance-sheet. Keep salary at a SAMA bank. Use Barq as a wallet.

Ahmed Alenazi, ex-stc Pay, launched Barraq then rebranded to Barq in 2024. Unified number 7029786717. Directories file it as a Saudi neobank. This desk files it as an e-wallet. stc Pay is the comparable object, not Al Rajhi.

Barq lists E-wallet — Barraq Finance Company (Decision 26/M SM/1445). Not a bank under SAMA in Saudi Arabia. On safeguarding we currently write: Not a SAMA bank deposit. SAMA e-wallet rules apply. Barq’s own copy says this is not a bank account.. Holder / issuer line: Barraq Finance Company (e-wallet, not a bank). An AML programme is claimed. There is no IBAN-class local rail on the flags we store. We list 1 live markets on the product. As we score the sticker: monthly Wallet SKU — confirm live; FX International transfers are a product — spread exists; ATM Card-dependent. This desk would open it for: Saudi residents who want a licensed wallet and already keep salary at a SAMA bank.

What it does well: Named SAMA e-wallet; Copy says it is not a bank; Launch distribution was real. What to watch: Not a bank; Not a deposit-insurance object; Monthly transfer caps on wallets. Desk score 6.7 / 10 (safety 5.8, fees 7.4, features 7.6, app 8.0). Last verified 2026-08-28. Headquartered in Riyadh, Saudi Arabia; founded 2023. None of this is advice — it is a file so you can read the entity before the card colour.