CMA FinTech ExPermit to open 4th batch applications on Oct. 1

Saudi Arabia’s market regulator, the Capital Market Authority (CMA) will start receiving the 4th batch applications for the FinTech ExPermit, as of Oct. 1, until Nov. 30, 2020, according to an official statement.

Interested applicants should introduce innovative products that enhance growth, efficiency and competition, in addition to providing the best compliance as well as risk-management solutions. The market regulator is bracing for new options that will bolster investment as well as financing instruments in the Kingdom.

CMA also provided a FinTech simplified regulatory framework to attract innovative business models as well as emerging technologies, and to build entities that contribute to more diverse financial market, while applying the best international standards and practices, and in line with the Saudi Vision 2030.

CMA launched the Fintech Lab in December 2017, a significant step that supported and developed innovation in Saudi Arabia’s Fintech field.