Electronic wallet fintech Tekmo has been licenced by the Saudi Central Bank.
The total number of companies licenced by the Central Bank to provide payment services is now 22.
In an official statement, the Bank said: “This step comes from the role of the Saudi Central Bank in enabling the financial technology sector by allowing the entry of new activities; to enhance the stability and growth of the sector, and to attract a new segment of investors and companies that achieve added value, and in a manner that ensures the efficiency of the work of these companies, by adhering to the regulatory and supervisory requirements issued, and in line with the role of the Central Bank in promoting financial stability, and supporting opportunities for growth and economic development that the country is witnessing towards achieving the goals of the Kingdom’s Vision 2030.”