CMA grants FinTech ExPermit for Sarwa’s robo-advisory service

The Capital Market Authority (CMA) granted today, Jan. 5, 2021, the financial technology experimental permit (ExPermit) to Sarwa to experiment robo-advisory service.

Under the permit, Sarwa will experiment with the robo-advisory Service, allowing clients to get advice on securities or investment schemes through direct access to automated online platforms (or application).

Moreover, the company will offer automated online discretionary investment management, where clients can automatically make investments through the platform or the application by giving its management the responsibility to invest on the client’s behalf, within parameters and mandates agreed with the client, on an ongoing basis.

The permit coincides with the beginning of ExPermit for the third batch of FinTech innovations, announced Nov. 25, 2019, with respect to securities businesses that fall under its supervision.