Saudia Arabia Grants Fintech Experimental Permits to 3 Equity Crowdfunding Platforms
7. October 2019In reference to Fintech Experimental Instructions permits issued by the Capital Market Authority Saudia Arabia (CMA), Buthoor Solidarity, Afaq and Emkan Alarabiya will be able to experiment in equity crowdfunding which allows investors to participate in funding small and medium-size enterprises in exchange for shares in such enterprises.
CMA highlighted that this permit coincides with the launch of the second batch for ExPermit of FinTech innovations which was announced last October, related to securities businesses that fall under the CMA’s supervision. Later this year, the CMA will reopen the door for the third batch of applications for FinTech ExPermits.
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