RIYADH — The Saudi Central Bank (SAMA) introduced the licensing of a brand new cost monetary know-how firm, specifically: Tweeq International monetary Company to offer E-wallet providers.

This brings the whole variety of cost corporations licensed by SAMA to 23 corporations, along with 5 corporations have been granted an “In-principle Approval”.

This comes as a part of SAMA’s function to advertise the event of the monetary know-how sector to make sure final stability and development of the sector.

This ought to assist appeal to new traders and convey an added worth to the sector, whereas complying with SAMA’s regulatory necessities meant to reinforce the general monetary stability and help better alternatives of the Saudi Vision 2030.

In this regard, SAMA reiterates its dedication to help and facilitate the advance of FinTech sector, encourage innovation and enhance effectivity in monetary transactions in a bid to spice up monetary inclusion within the Kingdom.

This additionally is available in fairly useful to realizing the goals of the FinTech technique by making the Kingdom one of many world’s main international locations within the discipline, and it’ll contribute to the financial empowerment of the Saudi society and its residents by selling additional improvements in technology-based monetary providers.

Meanwhile, SAMA emphasizes the significance of coping with licensed or approved monetary establishments. For additional particulars, please examine SAMA’s web site. — SPA