In continuation of the Capital Market Authority's (CMA) role in regulating and developing the financial market, and as a part of its effort to cope with the continuous changes in the international markets seeking to apply the best international standards and practices, CMA is keen to enable new products and support the financial technology (FinTech) industry, and in reference to The Capital Market Law Issued by Royal Decree No M/30 dated 2/6/1424H, the CMA Board issued its Resolution approving the amendments to The Financial Technology Experimental Permit Instructions, that shall become effective from the date of their publication.
The amendments on the instructions approved by the CMA aims to enhance the regulatory framework to continue supporting financial technology innovations (Fintech) in the Saudi Capital Market. The main elements of the amendments are as follows:
(a) Adding definitions to clarify the nature of the Fintech Lab.
(B) Adding instructions for business practice in the Fintech Lab.
(C) Updating the application form for the Fintech ExPermit.
The instructions can be viewed on the Authority's website via the following link:
Financial Technology Experimental Permit Instructions
