The Capital Market Authority (CMA) announces the approval of the first two trial financial technology licenses to Manafa Capital and Scopeer. The trial licenses will qualify the two companies to provide crowd-funding service in the Kingdom of Saudi Arabia.
The two licenses are the first results of the Financial Technology Laboratory initiative launched by the CMA at the beginning of 2018. The CMA's trial financial technology initiative will help to enhance the competition in the financial market through providing services related to the capital market with innovative finance methods offered to the market participants. The license will offer Crowd Funding Platforms, which plays an important role in financing entrepreneurs and small-to-medium-size companies.
The Financial Technology Laboratory License (FTLL) is one of the CMA's strategic initiatives resulting from the CMA's "Financial Leadership 2020"program which works under the umbrella of the Financial Sector Development Program; one of the Kingdom's Vision 2030 execution programs .
Furthermore, Dr. Bander Assad Alsajjan, CMA's Deputy for Strategy and International Affairs, said "The FTLL for crowd funding services aims to provide opportunities to invest in small-to-medium-size companies and finance their activities; by bringing them together with interested investors through electronic platforms. The crowd funding platforms will provide capital needs of young entrepreneurs with new business ideas, which will assist in closing the gap between new entrepreneurs and traditional funding methods.
-Ends-
© Press Release 2018Disclaimer: The contents of this press release was provided from an external third party provider. This website is not responsible for, and does not control, such external content. This content is provided on an “as is” and “as available” basis and has not been edited in any way. Neither this website nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this press release.
The press release is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Neither this website nor our affiliates shall be liable for any errors or inaccuracies in the content, or for any actions taken by you in reliance thereon. You expressly agree that your use of the information within this article is at your sole risk.
To the fullest extent permitted by applicable law, this website, its parent company, its subsidiaries, its affiliates and the respective shareholders, directors, officers, employees, agents, advertisers, content providers and licensors will not be liable (jointly or severally) to you for any direct, indirect, consequential, special, incidental, punitive or exemplary damages, including without limitation, lost profits, lost savings and lost revenues, whether in negligence, tort, contract or any other theory of liability, even if the parties have been advised of the possibility or could have foreseen any such damages.
