Saudi Central Bank licenses new payment financial technology company
The development brings the total number of payment companies licensed by SAMA to 23 companies, in addition to five companies that were granted an "In-principle Approval"
The Saudi Central Bank (SAMA) has given a license to a new payment financial technology company called "Tweeq International Financial Company" to provide e-wallet services.
With this approval, the number of payment companies licensed by SAMA has reached 23. Five companies were earlier granted an "In-principle Approval".
The development comes as a part of SAMA's role to boost the stability and growth of the financial technology sector. This is expected to help attract new investors and bring added value to the sector while complying with SAMA's regulatory requirements and being in line with Saudi's Vision 2030, according to Zawya.
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In this regard, SAMA reiterates its commitment to support and facilitate the improvement of the fintech sector, encourage innovation and increase efficiency in financial transactions in a bid to boost financial inclusion in the Kingdom.
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.
Edited by Affirunisa Kankudti