With a promising future vision for the Kingdom of Saudi Arabia to become a leader in the financial sector, and in line with the strategic objectives of Saudi Vision 2030, the Capital Market Authority (CMA) efforts to support fintech began with the launch of the FinTech Lab in 2018, driven by its commitment to keeping pace with the rapid technological transformation in the capital market. The fintech ecosystem in the Kingdom is highly attractive, enabling companies to provide innovative services with ease. The Kingdom's infrastructure is also characterized by integration and technological advancement, allowing the provision of automated services, in addition to the maturity of e-government services, which serves as a foundation for the information infrastructure that supports fintech companies in providing fast automated services.
The CMA adopts best practices in regulating and facilitating the use of fintech, in line with its legislative role and in a manner that contributes to supporting the national economy and achieving the objectives of the Financial Sector Development Program.
The CMA develops simplified regulatory frameworks to attract innovative business models and emerging technologies capable of taking the financial services industry to new horizons, facilitating financing, stimulating investment, and promoting economic development. In its efforts to enable economic entities that enhance the depth and diversity of the financial sector, the CMA has granted permits to a number of fintech companies operating across various activities.
The CMA also contributed to the launch of the (Fintech Saudi) initiative to stimulate the fintech ecosystem by developing infrastructure and supporting entrepreneurs in the fintech field. The FinTech Lab at the CMA serves as a regulatory experimental environment that enables fintech products and services to test their innovative business models within defined standards, timelines, and regulatory requirements, under the CMA's supervision.
The Lab receives applications from local and international firms for permits to test financial products and services related to securities activities that meet market needs through innovative business models ready to be tested in an experimental environment.
The CMA welcomes applications for obtaining a permit to experiment with The FinTech Lab throughout the year and reviews and evaluates them in accordance with the Financial Technology Experimental Permit Instructions and the approved procedures and criteria. The Instructions can be viewed and applications can be submitted by completing the FinTech application form and sending it to the FinTech Lab email: Fintech.Expermit@cma.org.sa
The CMA may also be contacted for any inquiries at the following email: Fintech.Expermit@cma.org.sa
Related Links
FinTech Testing Authorization Guidelines
FinTech Testing Authorization Application Form
Authorized FinTech Test Companies
FAQs about the FinTech Lab
