Reference is made to the Financial Technology Experimental Permit Instructions issued by CMA in 10/01/2018, which aims to provide a regulatory framework that is conducive for the innovation of Financial Technology (FinTech) in the capital market within the Kingdom. In relation to this, the CMA Board of Commissioners issued its resolution to grant Manafa Capital Company a Financial Technology Experimental Permit (ExPermit) to create equity crowdfunding platform.
Based on this permit, Manafa will be able to experiment the crowdfunding FinTech which allows investors to participate in funding small and medium size enterprises in exchange for shares in such enterprises. The service is provided through an electronic platform owned and monitored by Manafa.
Additionally, reference to the CMA announcement published on 11/12/2017, which includes the period of receiving applications for FinTech permit related to securities businesses that falls under CMA's supervision, the CMA wishes to confirm that later this year, it will again reopen the doors to receive applications of FinTech permit.
