CMA amends financial technology experimental permit instructions

16/09/2021 Argaam

Logo of the Capital Market Authority

The Capital Market Authority's (CMA) board approved the amendments to The Financial Technology Experimental Permit Instructions, which will be effective from the publication date.

 

The amendments to the instructions aim to enhance the regulatory framework to continue supporting financial technology innovations (Fintech) in the Saudi capital market, the market regulator said in a statement.

 

The key amendments are adding definitions to clarify the nature of the Fintech Lab, adding instructions for business practice in the Fintech Lab, and updating the application form for the Fintech ExPermit.

 

The move was driven by the CMA’s role in regulating and developing the financial market, and its effort to cope with the continuous changes in the international markets, so as to apply the best international standards and practices.

 

To view these instructions:

 

Financial Technology Experimental Permit Instructions

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