Saudi financial super-app Tweeq lands central bank e-money licence

Saudi fintech Tweeq, a super-app e-wallet designed for millennials and Gen Z, has received an e-money licence from the Saudi Central Bank (SAMA).

Tweeq, which leverages global issuer-processor Paymentology’s Banking.Live platform, is among the first fintechs in Saudi Arabia to receive an e-money licence from SAMA as the country looks to make strides to hit its target of 70% of transactions conducted cashless by 2025.

The target forms part of the Kingdom’s Financial Sector Development Programme, which itself is part of the country’s overall fintech strategy within its Vision 2030 programme.

SAMA says Tweeq’s licence brings the total number of payment companies licensed by the central bank to 23, in addition to five companies granted an “in-principle approval”.

With its official SAMA licence, Tweeq intends to launch its “mobile-first super-app” soon, which will be tailored to the needs of millennials and Gen Z, allowing them to spend, send and save money “in a highly efficient digital way”.

Saeed Al-Bahairi, CEO of Tweeq, says: “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.”

Paymentology says its Banking.Live platform has a track record of deploying in regions with “on-soil or regional data regulations” and is built to help provide fintechs in these regions with the “speed to market they need to succeed”.