SAMA licenses new fintech payment company

The Saudi Central Bank (SAMA) announced today, Nov. 22, the licensing of a new financial technology (fintech) payment company, called Tweeq International Financial Co., to provide e-wallet services, it said in a statement.

This brings the total number of licensed payment providers to 23 companies. Five others were granted in-principle approvals.

This comes as part of SAMA's role to promote the development of the fintech sector, ensuring its ultimate stability and growth. This should help attract new investors and add value to the sector, while complying with the central bank’s regulatory requirements that are meant to strengthen the Kingdom’s overall financial situation and support greater gains to the Saudi Vision 2030.

SAMA, according to the statement, reiterated its commitment to back and facilitate improvement in fintech sector, encourage innovation and enhance payment efficiency in a bid to boost the Kingdom’s financial inclusion. This is in addition to the economic empowerment of Saudi Arabia and its people by promoting the digital transformation of financial services.