Fintech Licence Overview in Saudi: All the Players you Have to Know

Fintech Licence Overview in Saudi: All the Players you Have to Know

Tweeq International Financial Company, a Saudi Arabian business, has been granted a license to operate as a payment fintech company and provide e-wallet services, the Saudi Central Bank (SAMA) announced on November 22, 2022. The approval is the 11th unveiled this year by the regulator and brings the total number of payment companies licensed by SAMA to 23, in addition to the five that have received in-principle approval.

Founded in 2020, Tweeq is building a financial super-app targeting both individuals and small and medium-sized enterprises. The ecosystem will feature a wide range of features and services focusing on personalization and addressing lifestyle needs.

Currently, Tweeq provides spending accounts, debit cards, payment capabilities, personal financial management tools, and bill payments, among other services. The startup closed an undisclosed funding round last year.

Tweeq is the 11th fintech company SAMA has given the regulatory greenlight this year. It joined Smart Digital Payment Company, doing business as Tiqmo; Arab Sea Financial Company; Fatoraah; Enjaz Payments Services Company; Marta Financial Company; Mobily Pay; Lendo; FinZey; Moyasar Financial Company; and Waslah al-Daf’, doing business as Paylink.

Smart Digital Payment Company is the operator of Tiqmo, a mobile payment brand. The company aims to build an ecosystem for digital payments