Tweeq, a Saudi fintech, has obtained its e-money licence from the Saudi Central Financial institution (SAMA). The transfer is in keeping with Saudi Arabia’s Imaginative and prescient 2030 coverage, which goals to place the Kingdom as a number one power within the sector.
Early final 12 months, Tweeq signed partnerships with Mastercard and Paymentology, which supplied entry to digital fee options via APIs and different infrastructure.
The e-money licence approval will permit the corporate to launch its mobile-first app, which supplies providers tailor-made to millennials and Gen Z.
Saeed Al-Bahairi, CEO of Tweeq, acknowledged: “According to SAMA’s function to advertise the event of the monetary expertise sector, it was a key precedence for us to realize this license to assist help the expansion of the sector, and wider financial system within the area.”
Rowan Brewer, CEO of Paymentology commented: “With Saudi Arabia present process its digital revolution, we’re delighted to help this milestone of Tweeq’s which can play an inimitable function within the Kingdom’s transfer to cashless.”
That is amongst various fintech-related strikes in Saudi Arabia, together with Visa opening an innovation centre, an settlement between Odoo and Aramco, and Thunes transfer into the nation. One of many key goals of this coverage consists of the purpose of 70% non-cash transactions by 2025.