Saudi Arabian consumers increasingly prefer fintech solutions over traditional financial institutions. More than 80% of urban consumers in the kingdom prefer to interact with financial institutions digitally, according to a survey.

Now, the Saudi Central Bank, also known as Sama, has authorized Riyadh-based FinTech platform Tweeq to provide e-wallet services to the country.

Established in 2020, Tweeq lets customers make payments via its app. STV, Raed Ventures, and Beco Capital are all Saudi venture capital firms that have invested in startups.

The business said that its goal is to create a financial super-app with an ecosystem of features and services that is tailored to the aspirations and lifestyle requirements of millennials and Gen Z.

“We are honored to have secured the EMI license from Sama. With their confidence, we are now one step closer to enabling all citizens of society to have access to the next generation of digital payments that meet their needs,” said Saeed Albuhair, chief executive officer at Tweeq.

With Tweeq, the number of payment companies licensed by Sama reached 23, the bank said in a statement.

As more people utilize online banking services and other platforms to transfer money and make purchases in the wake of the coronavirus pandemic, demand for digital payments and other fintech services has increased globally.

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