Saudi Arabia

Saudi’s Capital Market Authority FinTech ExPermit Batch Applications Are Closing Soon

In a bid to promote fintech innovation in the capital market, the Capital Market Authority (CMA) is accepting applications for the second batch for the Financial Technology Experimental Permit (FinTech ExPermit) that is closing soon—on the 15th of December 2018.

The FinTech ExPermit aims to provide a regulatory framework conducive to the innovation of fintech in the capital market within the kingdom.

The FinTech ExPermit was announced by the authority in 2017, and the first batch of applications were submitted by February this year. FinTech ExPermits were finally granted to two applicants from the first batch to create equity crowdfunding platforms.

In a bid to develop and regulate the capital market and increase its role in supporting the Saudi economy, the CMA is striving towards a supportive regulatory environment. The plan is to cultivate related fintech companies that can provide new finance methods for investors as part of the CMA’s strategy in facilitating funds for financial development—and achieve the Saudi vision 2030 to reduce the kingdom’s dependency on oil revenue.

The CMA is looking for fintech applications that will help promote innovation in finance technology, and has the potential to promote growth and efficiency in the capital market. The application process and requirements can be viewed here.