Saudi CMA enhances Fintech regulatory framework

Published 17 Sep,2021 via Arab News - Economy RIYADH - The Capital Market Authority (CMA) announced on Thursday the approval of amendments to Financial Technology (Fintech) Experimental Permit Instructions, to enhance the fintech regulatory framework, according to bourse filing.

The amendments include adding definitions to clarify the nature of the Fintech Lab and adding instructions for business practice in the Fintech Lab.

The amendments also include updating the application form for the Fintech ExPermit.

“The continuous progress in the technical infrastructure development in Saudi Arabia such as wider implementation of Digital Identity and data privacy laws and data classification framework will accelerate the wider adoption of digital services extended by banks and Fintechs,” Nejoud Al Mulaik, Head of Saudi Fintech, told Arab News.

Amendments will become effective from the date of their publication, the statement on Saudi Stock Market (Tadawul) said.

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