By CPI Financial
SOURCE: CPI Financial - Saudi securities regulator awards first two fintech licences
The Capital Market Authority (CMA)of Saudi Arabia approved experimental licences allowing Manafa Capital and Scopeer, to offer crowdfunding investment services on a trial basis.
Saudi Arabia’s securities regulator has approved its first two trial fintech licences to provide a regulatory framework that is conducive for the innovation of financial technology in the capital market within the Kingdom.
The service which is provided through an electronic platform will allow investors to participate in funding small and medium size enterprises in exchange for shares in related enterprises.
The CMA said later this year it will accept the second batch of applications for fintech experimental permits.