First AI consulting company licensed in Saudi financial market

The annual report of the Capital Market Authority for the fiscal year 2023 revealed that the Authority granted a permit to the first company that provides advice services using artificial intelligence in the Saudi financial market, which is the Automated Support Company for Financial Technology, on November 27, 2023.

The automated support company provides artificial intelligence and automation to local and global markets, through the use of automated trading technology to preserve and grow individual clients’ investments or protect them from market decline, by implementing algorithmic trading with complete automation, according to the company’s description of its services.

Last year, the Capital Market Authority granted permission to experiment with four financial technology models, as it granted four permits for the model of distributing investment funds and real estate investment funds, eight permits for the model of offering and investing in debt instruments, and a permit granted for the automated advisor model, in addition to a permit for the advice service model using artificial intelligence to reach… The number of existing permits is 38 permits by the end of 2023, including collective ownership financing models, automated advisors, using distributed ledger technology to arrange the issuance and custody of securities, and crowd trading.