Source: Saudi Arabia CMA
Reference to the Capital market law issued by Royal Decree number (M/30) dated 31 July 2003, and The Financial Technology Experimental Permit Instructions published on 10/01/2018, the Capital Market Authority (CMA) is pleased to welcome applications for the 3rd batch for the FinTech ExPermits effective from 01/12/2019.
The application period for the 3rd batch will be closed on 30/01/2020.
The Authority has previously announced the opening of the first batch of applications for a FinTech ExPermit in February, 2018. The CMA had received a number of FinTech applications and had granted the FinTech ExPermit to two (2) applicants to create an equity crowdfunding platform. The second batch of FinTech applications opened on October, 2018. The CMA had received a number of applications and had so far granted the FinTech ExPermit to six (6) applicants to create an equity crowdfunding platform, as well as a robo-advisory platform.
This initiative aims at enhancing the innovation and development of technology in the financial market and providing a supportive regulatory framework for the participants to conduct their work efficiently in light of the rapid development in the exploitation of financial technology (FinTech) associated with the securities business in the Kingdom; and to find new financing and investment means for entrepreneurs and investors based on the strategy of the CMA in facilitating financing and stimulating investment under the umbrella of the Financial Sector Development Program, which is one of the programs aimed at achieving the Kingdom's Vision 2030.
The CMA would like to invite all those interested in financial technology (FinTech) and entrepreneurs to apply for a Permit from the CMA, in which their products promote innovation in FinTech and achieve growth, efficiency, and competition in the Kingdom's financial market. The CMA looks forward to receiving new models in this batch, these include facilitating the distribution of investment products and increasing the efficiency of services provided to investors.