Riyadh: Tweeq, a Saudi Fintech which aims to provide a feature-rich spending account for individuals and SMEs, has signed exclusive partnership agreements with Mastercard, the leading technology company in the global payments industry and Paymentology, a leading cloud-based issuer payment processor.
The partnerships will ensure a first-class customer experience through the provision of innovative digital payment solutions including a spending account and contactless cards and will enable a range of seamless payment experiences. The partnership with Mastercard and Paymentology are in line with Vision 2030 which aims to develop the FinTech environment and provide financial inclusion for all sections of society.
The initiative will provide individuals and small businesses based in Saudi Arabia with a seamless money management experience, enabling consumers to send and receive money, pay bills, shop online, make card purchases, set financial goals and withdraw cash at their fingertips.
Tweeq CEO Saeed Al-Bahairi said, “We are pleased to enter into partnerships with Mastercard and Paymentology to provide an unparalleled customer experience. Through the partnerships our app-based accounts will enable our clients to connect and manage their money better, through a range of innovative financial digital solutions, in line with the digital transformation goals of Vision 2030.”
Khalid Elgibali, Division President, MENA, Mastercard added, “Through its partnership with Mastercard, Tweeq will be able to offer the best smart money solutions in the Kingdom. The unique digital experience will offer low-cost and fast turnaround times. It will provide a seamless, smart money management platform aimed at the financial needs of a predominately young population who run their lives on their smartphones and want payment solutions at their fingertips. The long-term plan is to launch Tweeq initially in Saudi Arabia and expand it throughout the Middle East and Africa.”
Paymentology Founder and CEO Shane O'Hara also welcomed the new partnership, “The Paymentology platform is rapidly gaining global recognition as the leading, cloud-native processor on the market. The Paymentology full life-cycle card processing environment enables Tweeq to provide a best-of-breed digital wallet experience. The platform’s proven banking grade scalability will allow Tweeq to rapidly expand its offering beyond Saudi Arabia and into other regions. We are delighted to be a part of the Tweeq journey.”
Tweeq provides a spending account for individuals and SMEs. It uses an innovative and intuitive application which enables customers to select the mechanisms that best suit their needs in order to manage their money, make transfers, shop, pay bills and withdraw cash in a seamless and safe way. In line with Vision 2030 and Financial Sector Development Program it also promotes financial planning, enabling customers to set financial goals and track their plans.
After fulfilling all the legal requirements and regulatory approvals to carry out its activities, Tweeq International Company seeks to be the leading financial account management service provider for individuals and small companies by providing a safe environment and a unique experience for its clients in the Kingdom, the Middle East and North Africa.
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About Tweeq , www.tweeq.sa
Tweeq is a Saudi FinTech company which aims to deliver individuals and SMEs a better alternative to their traditional money spending experience through a mobile app.
About Mastercard Incorporated (NYSE: MA), www.mastercard.com
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. Our decency quotient, or DQ, drives our culture and everything we do inside and outside of our company. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.
About Paymentology, www.paymentology.com
Paymentology was established in 2015 and is firmly positioned as a global leader in payment processing, having been chosen by banks such as Revolut and Standard Charetered’s digital bank, Mox Bank to support their ground-breaking payment programmes. Engaging with MasterCard as part of the ‘Accelerate for Fintechs’ framework will further enhance this positioning enabling better payment products to be delivered to banks, faster.
© Press Release 2021
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