CMA opens door to apply for third batch of FinTech ExPermit

The Capital Market Authority (CMA) will welcome applications for the third batch of the Financial Technology Experimental Permit (FinTech ExPermits) effective from Dec. 1, 2019.

The application period will end on Jan. 30, 2020, the market regulator said in a bourse statement.
 

The Authority has previously announced the opening of the first batch of applications in Feb. 2018.

The CMA received a number of FinTech applications and granted the permit to two applicants to create an equity crowd funding platform.

The second batch of FinTech applications opened in Oct. 2018, where the CMA received a number of applications and so far granted the permit to six applicants to create an equity crowd funding 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 rapid development in the securities business-related financial technology.

It is also intended to find new financing and investment means for entrepreneurs and investors based on the CMA strategy in facilitating financing and stimulating investment under the umbrella of the Financial Sector Development Program - one of the programs aimed at achieving the Kingdom's Vision 2030.

The CMA invited all those interested in financial technology and entrepreneurs to apply for a permit, if their products promote innovation in FinTech and achieve growth, efficiency, and competition in the Kingdom's financial market.

The authority looks forward to receiving new models in this batch, including those facilitating the distribution of investment products and increasing the efficiency of services provided to investors, the statement added.