Tweeq, a Saudi Fintech, has become one of the first Fintechs in the Kingdom to receive an e-money license from The Saudi Central Bank (SAMA).
The e-Money license from SAMA will allow Tweeq to launch a “super app” providing neobank features and services tailored to the needs of millennials and Gen Z. The accomplishment was said to be achieved due to Tweeq’s partnership with Paymentology’s Banking.Live platform.
Saudi has a target to achieve 70% of non-cash transactions by 2025 under the Financial Sector Development Program. Tweeq anticipates being part of this transition.
Saeed Al-Bahairi, CEO of Tweeq, said:
“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. While we underwent the licensing process, Paymentology remained a steadfast partner, continuing to provide us with world-class customer experience. We look forward to the future of our partnership and moving into the next phase together.”
Paymentology CEO Rowan Brewer, said with Saudi Arabia undergoing a digital revolution, they are delighted to support Tweeq, which will play an inimitable role in the Kingdom’s move to cashless.
“We’re incredibly proud of our data-driven mada-certified platform which helps set up fintechs in the region with the richness and speed to market they need to succeed.”
The Fintech market in Saudi Arabia is expected to reach transaction values of more than USD $33 billion by 2026.
