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Saudi Central Bank licenses new payment financial technology company

The Saudi Central Bank (SAMA) announces the licensing of a new payment financial technology company, namely: Tweeq International financial Company to provide E-wallet services. This brings the total number of payment companies licensed by SAMA to 23 companies, in addition to 5 companies were granted an “In-principle Approval”. This comes as part of SAMA’s role to promote the development of the financial technology sector to ensure ultimate stability and growth of the sector. This should help attract new investors and bring an added value to the sector, while complying with SAMA’s regulatory requirements meant to enhance the overall financial stability and support greater opportunities of the Saudi’s Vision 2030.

Link: https://www.zawya.com/en/business/fintech/saudi-central-bank-licenses-new-payment-financial-technology-company-t0ptoflc

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