Riyadh -- The Capital Market Authority (CMA) announced Thursday the deadline for considering FinTech ExPermit applications within the seventh review of the Fintech Experiment Permit.

The applications received by Thursday, November 23 of this year will be included in the reviews of the current round; applications received after the date will be reviewed in the next round.

The CMA encouraged everyone who is interested to participate and apply for the FinTech ExPermit, provided that all criteria needed to qualify the FinTech product are met. Among the criteria needed is that the product is from the securities activities and that the product is at a sufficiently advanced stage of development to mount a FinTech experiment.

The above confirms the CMA's pivotal role in encouraging the finance-technology (FinTech) sector in the capital market since the launch of the FinTech Lab in 2018, as the number of FinTech ExPermits granted by the CMA's Board has increased to 49. The project aims to provide various innovative models in the capital market that yield tangible economic benefits, including diversifying the available investment tools for various segments of investors and enhancing the attractiveness of financing through the capital market.

The FinTech companies permitted in the FinTech Lab have contributed significant results from the commencement of business through the first half of the year, as the funds invested through Equity Crowdfunding platforms and Debt Instruments Offering platforms exceeded SAR 1.4 billion, which reflects their effective role in providing appropriate financing solutions for building and expanding economic entities through all stages.

The investment and real-estate funds distribution platforms facilitated the attraction of a large segment of investors to invest in funds licensed by CMA, as the total value of the units distributed via platforms exceeded SAR 1.6 billion. The Robo-advisory model contributed to enabling investors' access to innovative instruments to manage their investments, where the value of the asset under management (AUM) via the Robo-advisory platforms exceeded half a billion Saudi riyals.

The applications for FinTech ExPermit are received all around the year to be evaluated in batches and announced on the CMA's website. This comes is a result of the CMA's regulatory enablement efforts in the capital market aimed at positioning the Kingdom as a leader in the FinTech industry and achieving the objectives of the Financial Sector Development Program (FSDP) in line with the Saudi Arabian Kingdom's Vision 2030.

The FinTech Lab aims to attract more diversification of innovative business models in the capital market. The CMA encourages innovators to make the most of the Kingdom's FinTech ecosystem, which is distinguished by its attractiveness and rapid development, allowing companies to innovate in the capital market and provide appropriate investment and financing services for all market participants, under the umbrella of the Financial Sector Development Program.