Saudi Arabia fintech firm Tweeq secures license to offer e-wallet services

Saudi Central Bank issues license to fintech firm Tweeq to offer e-wallet services

The Saudi Central Bank (SAMA) said Tuesday that it has issued an electronic money institution (EMI) license to Tweeq International Financial Company to provide e-wallet services in the country.

SAMA said in a statement that this brings the total number of payment companies licensed by the central bank to 23 companies in addition to five companies that were granted an ‘in-principle approval’.

The issuance of the license is part of SAMA’s broader strategy to promote the development of the financial technology sector to ensure the ultimate stability and growth of the sector. It is expected to attract new investors and bring added value to the sector while enhancing the overall financial stability and supporting greater opportunities as part of Vision 2030.

Founded in 2020, Tweeq allows users to make payments through its app. The start-up is backed by Saudi venture capital companies STV, Raed Ventures and Beco Capital.

The Riyadh-based fintech firm plans to build a financial super-app with an ecosystem of features and services that are personalised around the lifestyle needs and ambitions of millennials and Gen Z. Tweeq offers spending accounts through the issuance of debit cards that are backed by MasterCard and the Saudi-based local scheme mada.