SA · SAR
Saudi Arabia digital banks
Barq is Barraq Finance Company, a SAMA e-wallet (Decision 26/M SM/1445). Its own copy says it is not a bank account. One million users in 21 days was a launch stat. Keep salary at a SAMA bank. Use the wallet for transfers and a Visa. stc Pay is the comparable object, not Al Rajhi.
1Live on the desk
Regulator
Saudi Central Bank (SAMA)
Deposit scheme
SAMA bank deposits follow the kingdom’s bank scheme. SAMA e-wallets are a different recovery story
In this market
Licence still sits on the product| Product | Score | HQ | Monthly | FX | Users | Licence | |
|---|---|---|---|---|---|---|---|
 Barq | 6.7 | Riyadh, Saudi Arabia | Wallet SKU — confirm live | International transfers are a product — spread exists | 1M in 21 days at launch (claimed) | E-wallet — Barraq Finance Company (Decision 26/M SM/1445). Not a bank |
Questions
Is Barq a bank?+–
No. It is a SAMA-licensed e-wallet operated by Barraq Finance Company, a closed joint-stock company in Riyadh. Not a bank deposit.
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