Paymentology customer, Tweeq, among first fintechs in Saudi Arabia to receive license from Saudi Central Bank

Paymentology, the world’s first truly global issuer-processor, is today proud to announce its support of customer Tweeq, a leading Saudi Fintech, on being among the first in the Kingdom to achieve an e-money license from The Saudi Central Bank (SAMA).

With its official SAMA license, Tweeq will soon launch its mobile-first super-app which boasts an ecosystem of features and services tailored to the needs of millennials and Gen Z, ultimately empowering them to transact in a highly efficient digital way.

Thanks to its partnership with Paymentology, Tweeq is able to make its vision a reality. Paymentology’s Banking.Live platform has a proven track record of deploying in regions with on-soil or regional data regulations, as well as unparalleled flexibility that supports Tweeq, and its customers, via an API.

The news comes at a time with ongoing activity around Saudi Arabia’s fintech strategy, within its Vision 2030 mission, which aims to support the Kingdom in becoming a leading force in the sector.

The achievement of Tweeq’s license will support the vibrant country in its target to achieve 70% of non-cash transactions by 2025 under the Financial Sector Development Program.

Rowan Brewer, CEO of Paymentology commented on the announcement: “At Paymentology, we’re drawn to work with customers whose vision and ambition mirror our own. With Saudi Arabia undergoing its digital revolution, we are delighted to support this milestone of Tweeq’s which will play an inimitable role in the Kingdom’s move to cashless. We’re incredibly proud of our data-driven mada-certified platform which helps set up fintechs in the region with the richness and speed to market they need to succeed.”

Saeed Al-Bahairi, CEO of Tweeq, added: “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 license to help support the growth of the sector, and wider economy in the region.

“While we underwent the licensing process, Paymentology remained a steadfast partner, continuing to provide us with world-class customer experience. We look forward to the future of our partnership and moving into the next phase together.”

Saudi Arabia’s fintech market is expected to reach transaction values of more than USD 33billion by 2026 and the market is expected to grow annually by 15% (CAGR 2021-2026).