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Saudi CMA awards 2 licences to fintech startups

Saudi CMA awards 2 licences to fintech startups
Saudi CMA awards 2 licences to fintech startups

Riyadh – Mubasher: The Saudi Capital Market (CMA) has handed the first two financial technology (fintech) licences to Riyadh-based startups Scopeer and Manafa Capital.

The two companies will offer crowd-funding investment services on a trial basis and operate technology platforms that will allow individual investors to finance small and medium-sized enterprises (SMEs), the CMA said.

The CMA awarded the licences to bolster the Saudi fintech sector. The move is in-line with the Saudi Vision 2030, through which the kingdom seeks to reduce dependence on oil.

These awards will help raise startup financing, provide job opportunities, and enhance the Saudi bourse’s performance.

The CMA further noted that these licences or permits coincide “with the beginning of ExPermit for the first batch of FinTech innovations which was announced in 11 December 2017, related to securities businesses that falls under the CMA's supervision.”

The Saudi regulator added that it would reopen the door for fintech startups looking to receive licences later this year.