Tweeq, a fintech company based in Saudi Arabia, has obtained its e-money license from the Saudi Central Bank (SAMA). This development aligns with Saudi Arabia’s Vision 2030 initiative, which seeks to establish the Kingdom as a leader in the financial technology sector.
Earlier last year, Tweeq partnered with Mastercard and Paymentology, enabling access to digital payment solutions through APIs and other infrastructure. The approval of the e-money license will facilitate the launch of its mobile-first app, designed specifically for millennials and Gen Z.
Saeed Al-Bahairi, CEO of Tweeq, emphasized the significance of this achievement: “In line with SAMA’s role in promoting the development of the financial technology sector, obtaining this license has been a key priority for us to support the growth of the sector and the wider economy in the region.”
Rowan Brewer, CEO of Paymentology, added: “As Saudi Arabia embraces its digital revolution, we are pleased to support this milestone for Tweeq, which will play a unique role in the Kingdom’s transition to a cashless society.”
This accomplishment is part of a broader trend in the Saudi fintech landscape, which includes Visa opening an innovation center, a partnership between Odoo and Aramco for digital transformation, and Thunes establishing a presence in the country. A key objective of the Vision 2030 policy is to achieve 70% non-cash transactions by 2025.