Saudi regulator issues first fintech licences

Start-upThe Saudi Capital Market Authority (CMA) has awarded licences to two local start-ups in a bid to kick start its financial technology sector. The securities watchdog issued the financial technology experimental permits (ExPermits) to Manafa Capital and Scopeer, both of which intend to launch equity crowdfunding investment services. The ExPermit regime was launched in December 2017 as part of the CMA’s Financial Leadership 2020 programme. The Manafa Capital and Scopeer licences are the first to be awarded. The CMA hopes the move will both broaden its capital markets and help to bridge the gap between new entrepreneurs and traditional funding methods for small businesses. The watchdog said it will receive applications for fintech licences later in the year. ©2018 funds global mena

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