Sarwa Gets Greenlight for Fintech Experimental Permit From Saudi Regulator11. January 2021
Sarwa, a Dubai-based investment advisory platform, was granted a fintech experimental permit by the Capital Markets Authority (CMA) of Saudi Arabia and will be expanding its service there.
With the new license in hand, Sarwa can offer its wealth management services to make investing more low-cost, transparent, and accessible to everyone in Saudi Arabia, both locals, and expats.
Through the website, clients can have a recommended portfolio that reflects their goals and risk appetite and reportedly open an account in minutes.
“As founders from the region, our mission is to make smart financial services accessible and affordable to everyone here. There are so many people in the Middle East who do not have the tools nor the know-how to start their investing journey and work to better their future. They do not have access to the right low-cost advice that can help them build wealth properly, and specifically first-time investors,”
said Mark Chahwan, co-founder and CEO of Sarwa.
“When we received the call that we got the license, we were very excited to introduce Saudi to Sarwa and to long-term, simple, affordable, and smart investments that we are all about.
We are excited that Sarwa obtained a permit to join the CMA sandbox and that it will be introducing easy, accessible investing to the market. This was a result of an ongoing collaboration between MISA and CMA to attract innovative Fintech startups to KSA,”
said Dr. Mazin Alzaidi, Director of Entrepreneurship Sector, Ministry of Investment.
In a recent funding round in January this year, Sarwa had raised US$ 8.4 million led by Kuwait Projects Company (KIPCO), Abu Dhabi Investment Office, Vision Ventures from Saudi, Hambro Perks from the UK, as well its existing list of investors that were part of the previous rounds.
Featured image credit: Edited from Pixabay