CMA Approved Amendments to FinTech Experimental Permit Instructions

The Capital Market Authority’s (CMA) Board issued on Thursday its decision, approving the amendments to the Financial Technology Experimental Permit Instructions, that shall take effect, immediately, on the date of their publication.

This is based on the (CMA) role, in regulating and developing the financial market.

The decision comes 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 said in the statement that it “is keen to enable new products and support the financial technology (FinTech) industry, according to the Capital Market Law.

The amendments on the instructions approved by the CMA aims to enhance the regulatory framework, to continue supporting financial technology innovations, 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 Ex-Permit.