Bahrain's Beyon Sells 'Beyon Money' for a Stake in 'Barq'
Bahrain's Beyon has agreed to sell its fintech unit 'Beyon Money' to Saudi Arabia's Technologies Union Holding, the parent company of 'Barq', in exchange for a stake in 'Barq'.
Bahrain's Beyon Group announced the sale of its fintech unit Beyon Money to Saudi Arabia's Technologies Union Holding, the parent company of the Barq platform.
In return, Beyon will hold a stake in Barq, though the value of the deal and the size of the stake were not disclosed.
Beyon Money covers digital payment services, card issuance, cross-border transfers, and wealth management in Bahrain and the UAE.
The company stated that the completion of the deal is subject to receiving regulatory approvals in the relevant jurisdictions, without specifying a timeline.
What do these terms mean?
Financial Technology (Fintech): Technology used to provide financial and banking services digitally as alternatives to traditional branches.
Acquisition: An agreement under which a company purchases another company or a controlling stake in it, or exchanges its ownership for a stake in a third company.
Regulatory Approvals: Licenses and approvals from regulatory authorities for a transaction or activity, serving as a condition for its completion.
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