CMA allows two firms to test computerized investment advice

The Capital Market Authority has granted the financial technology experimental permit (ExPermit) to Haseed Investing Company and Wahed Capital to experiment “robo-advisory service”, the market regulatory said in a statement on Tuesday. 

The permit will allow the companies to experiment the robo-advisory service, which will give clients the opportunity to seek advice on securities or investment scheme through direct access to automated online platform (or application).

Additionally, the two companies will be able to offer automated online discretionary investment management, where the clients can automatically make investments through the platform or the application.

Later this year, the CMA will reopen the door for the third batch to receive applications for FinTech ExPermits.