CMA FinTech ExPermit starts receiving 5th batch applications

Logo of the Capital Market Authority

The Capital Market Authority (CMA) has started receiving applications for the fifth batch of the FinTech ExPermit, the market regulator said, noting that applications will be submitted no later than Dec. 15.

The CMA invited those interested in FinTech and entrepreneurs to apply for a Permit, in which their products promote innovation in FinTech and achieve growth, efficiency, competition and offer better compliance and risk management solutions in the Kingdom's financial market.

The move comes as part of the success of the previous four batches, in line with the market regulator’s keenness to regulate and develop the Saudi stock market and make it attractive for local and regional investors.

CMA launched the Fintech Lab in December 2017. CMA opened the first batch of applications for the FinTech ExPermit in February 2018. It continued its efforts to receive applications in various batches. As a result, the CMA’s board granted twelve FinTech ExPermits in different business models including Equity Crowdfunding, Robo-advisory, Offering and Investment in Debt Instruments, platform that uses Distributed Ledger Technology (DLT) to arrange and offer of securities and custody services, and Social Trading Platform.