Saudi fintech Tweeq is granted an e-money licence from The Saudi Central Bank (SAMA) as it plans to launch a mobile-first super-app.
The super-app boasts an ecosystem of features and services tailored to the needs of millennials and Gen Z.
Tweeq’s licence will also support Saudi Arabia in its target to achieve 70 per cent of non-cash transactions by 2025. It falls under the Financial Sector Development Program within Saudi’s Vision 2030 mission.
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 licence to help support the growth of the sector, and wider economy in the region.”
Rowan Brewer, CEO of Paymentology commented on the licence news: “At Paymentology, we’re drawn to work with customers whose vision and ambition mirror our own. 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.
“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.”
Tweeq provides a spending account for individuals and SMEs. It also uses an app that lets customers manage their money, make transfers, shop, pay bills as well as withdraw cash.
Saudi Arabia’s fintech market is expected to reach transaction values of more than $33billion by 2026. The market is also expected to grow annually by 15 per cent.