Saudi Central Bank grants a license to Tweeq 

The Saudi Central Bank (SAMA) announced the licensing of Tweeq International Financial Company, a new provider of payment and financial technology services, to offer e-wallet services. With the addition of 5 companies that received “In-principle approval,” there are now a total of 23 payment companies that have been licensed by SAMA.
This comes as part of SAMA’s role to promote the development of the financial technology sector to ensure ultimate stability and growth of the sector. This should help attract new investors and bring added value to the sector while complying with SAMA’s regulatory requirements meant to enhance the overall financial stability and support greater opportunities of Saudi’s Vision 2030.
In this regard, SAMA reiterates its commitment to support and facilitate the improvement of Fintech sector, encourage innovation, and increase efficiency in financial transactions in a bid to boost financial inclusion in the Kingdom.
This also comes in quite handy for realizing the objectives of the FinTech strategy by making the Kingdom one of the world’s leading countries in the field, and it will contribute to the economic empowerment of Saudi society and its citizens by promoting further innovations in technology-based financial services.
SAMA, however, stresses the significance of doing business with recognized or licensed financial institutions. Please visit the SAMA website for further information.