Saudi-Qatar Cross-Border Payment Deal and $329M barq Funding Headline Money20/20 Riyadh

The Saudi Central Bank and Qatar Central Bank have signed a landmark agreement to enable cross-border interoperability between their national payment schemes, mada and HIMYAN. Announced during Money20/20 Middle East in Riyadh, the deal coincides with a $329.5 million Series A for digital payments firm barq, signaling a rapid maturation of the Gulf’s financial infrastructure.

What was announced

The second day of Money20/20 Middle East in Riyadh centered on the integration of regional payment systems and the scaling of Saudi Arabia’s financial ecosystem. The primary development is a cross-border agreement between the Saudi Central Bank (SAMA) and the Qatar Central Bank. This partnership allows cardholders of the Saudi national scheme, mada, and the Qatari scheme, HIMYAN, to use their cards seamlessly across both nations, facilitating more secure and efficient regional transactions.

H.E. Ayman M. Al Sayari, Governor of the Saudi Central Bank (SAMA), provided data on the Kingdom's progress during his opening keynote, noting that 371 fintech companies now operate in Saudi Arabia. Electronic payments have reached a milestone, accounting for over 85% of retail transactions. Furthermore, the open banking framework now includes more than 307 entities. Investment in the sector is projected to exceed SAR 30 billion by the end of the first half of 2026.

In the private sector, digital payments firm barq closed a Series A funding round worth $329.5 million, reaching a valuation of $1.85 billion. Additionally, Network International confirmed the launch of its merchant acquiring services in Saudi Arabia. This expansion includes both point-of-sale (POS) and e-commerce payment solutions, targeting merchants across physical and digital channels. Discussions at the event also touched on the role of AI in decision support, with industry leaders emphasizing that while AI can automate processes, human accountability remains essential in financial allocation.

"Saudi Arabia has shifted from being an interesting market to being an investable market. For investors, that is a significant distinction: we can now underwrite opportunities based on clearer regulation, deeper pools of capital, follow-on funding and an increasingly credible path to liquidity and exits."

Mohamed Alaadin, General Partner at Development Partners International.

The companies involved

The Saudi Central Bank, commonly known as SAMA, serves as the primary monetary authority and regulator for the Kingdom’s financial sector. It has been instrumental in driving the "mada" national payment scheme and establishing the open banking framework that currently supports over 300 entities. Its counterpart in this agreement, the Qatar Central Bank, oversees the Qatari financial system and manages the HIMYAN national payment card, which is central to Qatar's domestic payment strategy.

Among the private players, barq is a digital payments company that has rapidly emerged as a major fintech entity in Saudi Arabia. Its recent valuation of $1.85 billion places it among the region's most significant fintech firms. The event itself, Money20/20 Middle East, is a major industry summit that has returned to Riyadh to facilitate high-level deal-making between regulators, banks, and technology providers. It is organized by Tahaluf, where Steve Durning serves as Associate Vice President. Other participants include American Express Saudi Arabia, led by CEO Fahad Al Guthami, and international investment firms such as Development Partners International and Stride Ventures, which focus on capital formation within the GCC.

What FF News has reported before

FF News has closely tracked the evolution of the Saudi and Qatari financial landscapes. In September 2026, we reported that the Visa Acceptance Platform Certified for SAMA’s New E-commerce Interface in Saudi Arabia, a move that bolstered local processing capabilities. We also covered the lead-up to the current summit in Riyadh, noting that Money20/20 Middle East Unveils 2026 Riyadh Agenda Featuring Visa, BlackRock, and Tabby. Prior to the event’s return, we highlighted how Money20/20 Middle East Returns to Riyadh as Global Fintech Leaders Gather to Shape the Future of Finance. In the Qatari market, we recently noted that KARTY Secures Visa FinTech Innovation Award for Advancing Digital Payments in Qatar, reflecting the broader regional push for payment innovation.

What this means

The interoperability agreement between SAMA and the Qatar Central Bank is a significant step toward a unified GCC payment area. By linking mada and HIMYAN, regulators are reducing the friction of cross-border commerce, which directly challenges the dominance of international card schemes in regional retail. The barq funding round, meanwhile, indicates that the Saudi fintech story has moved past the proof-of-concept stage. The sheer scale of the Series A capital suggests that the market is now entering a consolidation and scaling phase. For the wider industry, the pressure is now on legacy institutions to match this pace of integration or risk being sidelined by domestic champions backed by sovereign-level regulatory support.