Fintech Tweeq Granted E-money Licence from Saudi Central Bank

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."

(Source: Finextra)