In a recent statement, Tweeq stated that its payment cards will be personalized right here in its Riyadh personalization facility. This also marks IDEMIA’s commitment to localize global technology to the Kingdom’s needs, which utilizes IDEMIA’s industry-renowned Common Personalisation System (CPS).

“We are pleased to have a payment cards leader like IDEMIA as our partner. As a fintech it is important to us to provide our customers with unparalleled products that defines the unique experience we aim to deliver to our customers,” said Saeed Albuhairi, CEO, Tweeq.

“We are proud that Tweeq has selected IDEMIA’s card solutions services. This highlights the trust the institution has in IDEMIA as their technology partner. As a market leader in payment card technology, IDEMIA strives to deliver high-quality offerings that reflect our clients’ commitment to their customers,” said Julia Schoonenberg, Senior Vice President, MEA, Financial Institutions, IDEMIA.

Currently serving several major domestic banks, IDEMIA has launched the Global Fintech Accelerator Program in the past year to increase its support towards nascent fintechs to rapidly process cardholder onboarding to card issuance. IDEMIA’s CPS allows financial institutions customers, including fintechs, to ease the management of a consistent portfolio made of digital and physical payment means services. All 30 IDEMIA service centres worldwide, including the facility in Riyadh, are supported by CPS to allow instant and secure card profile developments to be transferred and reused.

With around two-thirds of the population under 35, digitally savvy and coupled with a concerted move towards a cashless economy for its 2030 Vision, the Kingdom of Saudi Arabia’s (KSA) has grown to be a leading fintech market globally. Studies estimate the industry to be worth $17.8 billion in transaction volume, and project growth to $47.5 billion by 2025[i].

A major factor for this transformation to cashless is the transition towards electronic payment methods, with financial cards likely to be at the forefront of this development. Experts suggest that KSA is expected to have in excess of 30 million payment cards in circulation by 2023[ii].

Tweeq, a fintech founded in 2020, enables users to open an account in seconds through their mobile app, allowing them to start receiving and making payments instantly. In addition, Tweeq is partnering with IDEMIA, a global leader in card technology, to provide Tweeq users with a payment card. This payment card enables their users to pay for purchases in-store and online, and withdraw cash from an automated teller machine (ATM)[iii].

[i] https://www.arabnews.com/node/1833411/business-economy

[ii] https://www.kenresearch.com/banking-financial-services-and-insurance/financial-services/saudi-arabia-cards-and-payments-market/257746-93.html

[iii] https://tweeq.sa/en

Send us your press releases to pressrelease.zawya@refinitiv.com

© Press Release 2021

Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.

The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.

To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.