CMA Announce 5th Financial Technology Experimentation Permit Batch

The Capital Market Authority (CMA) announced the start of receiving applications for to obtain a financial technology experiment permit for the fifth batch.

This comes as a continuation of the series of successes of the FinTech Lab, in its previous four batches, and in continuation of the authority’s keenness to regulate and, develop the Saudi financial market and make it an attractive environment for local and regional investors, by supporting the financial technology industry and developing innovative products in the market.

The authority is looking forward to receiving applications for obtaining a financial technology experience permit for the fifth batch of all those interested in financial technology and entrepreneurs, until December 15, 2021, provided that their products meet the necessary requirements, most notably that they are among the securities activities regulated by the authority, and that they are in an advanced stage of development.

It allows it to be tested or tried, in addition to achieving growth and efficiency in the financial market in the Kingdom.

The authority also clarifies that it receives applications during the year, and those applications received are evaluated and studied, in batches.
The FinTech Lab is a legislative experimental environment that allows providers of financial technology products and services to test their innovative business models, within specific criteria, time period and regulatory requirements, and under the supervision of the CMA.

The laboratory receives applicants from inside and outside the Kingdom to experiment with financial products and services related to securities activity, with innovative business models that are ready to be tested in an experimental environment.

In this regard, the FinTech Lab supported the creation of a legislative and regulatory environment for financial technology products, in the financial market, and worked on continuous development to attract innovative business models and emerging technologies that open new horizons to facilitate financing and stimulate investment.

In an effort to build economic entities that enhance the depth and diversity of the financial sector and are in line with the objectives of the Financial Sector Development Program, one of the main programs of the Kingdom’s Vision 2030.