Saudi authorities to open applications for third batch of fintech experimental permits

Saudi Arabia’s Capital Market Authority will on December 1 open applications for the third batch of Financial Technology Experimental Permits.

The authority said in an announcement on the Saudi stock exchange, Tadawul, on Monday (Nov 25) that applications will close on January 30, 2020.

The Fintech ExPermits scheme “aims to promote fintech innovation in a controlled environment which the consequences of failure can be contained”, according to the capital markets regulator.

“The CMA looks forward to receiving new models in this batch, these include facilitating the distribution of investment products and increasing the efficiency of services provided to investors,” said the regulator.

CMA’s first batch of Fintech ExPermits in February 2018 went to Scooper and Manafa Capital for their equity crowdfunding platforms.

The second round that opened in October last year saw permits going to roboadvisors from Haseed Investing Company and the Shariah-compliant Wahed Capital.

Instructions for the application of CMA’s Fintech ExPermits can be found at this link.

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