The Capital Market Authority (CMA) has set 31 December 2024, as the final date for submitting applications for the eighth review of the FinTech Experimental Permit (ExPermit).

Applications received by this deadline will be considered in the current review round, while those submitted afterwards will be evaluated in the subsequent round.

The CMA encourages interested parties to apply for the FinTech ExPermit, ensuring their applications meet the necessary criteria outlined in the Financial Technology Experimental Permit Instructions.

Key requirements include that the proposed FinTech product must be related to securities activities regulated by the CMA and be sufficiently developed for testing in the FinTech Lab.

This announcement highlights the CMA’s dedication to fostering financial technology innovation and supporting the growth of this crucial sector within the capital market.

Since the FinTech Lab’s inception in 2018, 53 permits have been issued, introducing innovative models that diversify investment tools and enhance the capital market’s appeal.

Authorised FinTech companies have achieved significant milestones, raising over SAR 3.8 billion through equity crowdfunding and debt instrument platforms.

Investment fund distribution platforms have attracted a diverse investor base, with distributed units valued at over SAR 2.6 billion.

Additionally, robo-advisor platforms have managed assets exceeding SAR 2.2 billion, offering investors advanced tools for investment management.

The FinTech Lab aims to attract a wide range of innovative business models to the capital market.

The CMA invites innovators to capitalise on the Kingdom’s dynamic FinTech ecosystem, promoting innovation in financial services and aligning with the Financial Sector Development Program (FSDP).

For more details on the Financial Technology Experimental Permit Instructions and the FinTech Lab, please visit the provided link.

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