Tweeq, a Saudi fintech, has received its e-money licence from the Saudi Central Bank (SAMA). The move is in line with Saudi Arabia’s Vision 2030 policy, which aims to position the Kingdom as a leading force in the sector.
Early last year, Tweeq signed partnerships with Mastercard and Paymentology, which provided access to digital payment solutions through APIs and other infrastructure.
The e-money licence approval will allow the company to launch its mobile-first app, which provides services tailored to millennials and Gen Z.
Saeed Al-Bahairi, CEO of Tweeq, stated: “In line with SAMA's role to promote the development of the financial technology sector, it was a key priority for us to achieve this license to help support the growth of the sector, and wider economy in the region.”
Rowan Brewer, CEO of Paymentology commented: “With Saudi Arabia undergoing its digital revolution, we are delighted to support this milestone of Tweeq’s which will play an inimitable role in the Kingdom’s move to cashless.”
This is among a number of fintech-related moves in Saudi Arabia, including Visa opening an innovation centre, an agreement between Odoo and Aramco, and Thunes move into the country. One of the key aims of this policy includes the aim of 70% non-cash transactions by 2025.