Saudi Arabian payment technology firm Tweeq International has secured a licence from Saudi Central Bank (Sama) to offer e-wallet services.
Now there are 23 businesses that have been granted licences by the SAMA to operate as payment companies.
Another five companies have been granted an ‘in-principle approval’.
The latest development comes shortly after SAMA granted a licence to fintech firm Smart Digital Payment company (Tiqmo) to provide s-wallet solutions last month.
SAMA said in a statement: “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.”
SAMA also added that it promotes development of fintech sector in order to augment financial inclusion across the Kingdom.
The bank further highlighted “This also comes in quite handy to realising the objectives of the FinTech strategy by making the Kingdom one of the world’s leading countries in the field, and it will contribute to the economic empowerment of the Saudi society and its citizens by promoting further innovations in technology-based financial services.”