The Saudi Central Bank, better known as Sama, has officially granted an electronic money institution (EMI) licence to Riyadh-based FinTech platform Tweeq to launch its mobile-first app in the kingdom.
The new licence will allow Tweeq to offer e-wallet services. This brings the total number of payment companies licensed by Sama to 23, the bank said in a statement.
Founded in 2020, Tweeq allows users to make payments through its app. The start-up is backed by Saudi venture capital company STV, Raed Ventures and Beco Capital.
The company said it aims to build a financial super-app with an ecosystem of features and services that are personalised around the lifestyle needs and ambitions of millennials and Gen Z.
“We are honoured 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,” Tweeq’s chief executive Saeed Albuhairi said.
Tweeq offers spending accounts through the issuance of debit cards powered by MasterCard and the Saudi-based local scheme mada. Customers can make transfers, set financial goals, shop online, pay bills and stay in full control of their card accounts.
Mada card is a debit card issued by local banks that allows cardholders to gain access to the funds in their accounts.
“Tweeq aims to transform the way people think and feel about their finances by providing more advanced and seamless experiences,” Mr Albuhairi said.
Demand for digital payments and other FinTech services has surged worldwide as more people use online banking services and other platforms to transfer money and pay for purchases amid the coronavirus pandemic.
Customers in Saudi Arabia are increasingly choosing FinTech solutions over those offered by traditional financial institutions. A McKinsey report revealed that more than 80 per cent of urban consumers in the kingdom prefer to deal with financial institutions digitally.
The FinTech market worldwide is projected to reach $332.5 billion by 2028, from $112.5 billion in 2021, the latest report by global payments company MasterCard showed.
The smuggler
Eldarir had arrived at JFK in January 2020 with three suitcases, containing goods he valued at $300, when he was directed to a search area.
Officers found 41 gold artefacts among the bags, including amulets from a funerary set which prepared the deceased for the afterlife.
Also found was a cartouche of a Ptolemaic king on a relief that was originally part of a royal building or temple.
The largest single group of items found in Eldarir’s cases were 400 shabtis, or figurines.
Khouli conviction
Khouli smuggled items into the US by making false declarations to customs about the country of origin and value of the items.
According to Immigration and Customs Enforcement, he provided “false provenances which stated that [two] Egyptian antiquities were part of a collection assembled by Khouli's father in Israel in the 1960s” when in fact “Khouli acquired the Egyptian antiquities from other dealers”.
He was sentenced to one year of probation, six months of home confinement and 200 hours of community service in 2012 after admitting buying and smuggling Egyptian antiquities, including coffins, funerary boats and limestone figures.
For sale
A number of other items said to come from the collection of Ezeldeen Taha Eldarir are currently or recently for sale.
Their provenance is described in near identical terms as the British Museum shabti: bought from Salahaddin Sirmali, "authenticated and appraised" by Hossen Rashed, then imported to the US in 1948.
- An Egyptian Mummy mask dating from 700BC-30BC, is on offer for £11,807 ($15,275) online by a seller in Mexico
- A coffin lid dating back to 664BC-332BC was offered for sale by a Colorado-based art dealer, with a starting price of $65,000
- A shabti that was on sale through a Chicago-based coin dealer, dating from 1567BC-1085BC, is up for $1,950
Normal People
Sally Rooney, Faber & Faber
Real estate tokenisation project
Dubai launched the pilot phase of its real estate tokenisation project last month.
The initiative focuses on converting real estate assets into digital tokens recorded on blockchain technology and helps in streamlining the process of buying, selling and investing, the Dubai Land Department said.
Dubai’s real estate tokenisation market is projected to reach Dh60 billion ($16.33 billion) by 2033, representing 7 per cent of the emirate’s total property transactions, according to the DLD.
ETFs explained
Exhchange traded funds are bought and sold like shares, but operate as index-tracking funds, passively following their chosen indices, such as the S&P 500, FTSE 100 and the FTSE All World, plus a vast range of smaller exchanges and commodities, such as gold, silver, copper sugar, coffee and oil.
ETFs have zero upfront fees and annual charges as low as 0.07 per cent a year, which means you get to keep more of your returns, as actively managed funds can charge as much as 1.5 per cent a year.
There are thousands to choose from, with the five biggest providers BlackRock’s iShares range, Vanguard, State Street Global Advisors SPDR ETFs, Deutsche Bank AWM X-trackers and Invesco PowerShares.
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh190,000 (Countryman)
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UAE currency: the story behind the money in your pockets