Digital payment start-up Tweeq will be going live, having obtained a license from the Saudi Central Bank (SAMA) to provide e-wallet services.
Founded in 2020, Tweeq is building a mobile-first spending account allowing users to make payments, execute remittance and save.
The licensing of Tweeq by SAMA follows the granting of a permit to another payment company in October, Tiqmo. The regulator currently licenses 23 online payment firms, with another five granted an in-principal approval.
Growing the digital payment community is in line with SAMA’s role of promoting fintech and supporting Saudi Arabia to become a cashless society.