The Saudi Arabia Capital Market Authority (CMA) Grants A Financial Technology Experimental Permit (FinTech ExPermit) To Sarwa To Experiment Robo-Advisory Service Date
06/01/2021
Based upon the Capital Market Law issued by Royal Decree No. (M/30) dated 2/6/1424H, and reference to the Financial Technology Experimental Permit Instructions issued by CMA in 10/01/2018, which aims to provide a regulatory framework that is conducive for the innovation of Financial Technology (FinTech) in the capital market within the Kingdom. In relation to this, the CMA Board of Commissioners issued its resolution to grant Sarwa a Financial Technology Experimental Permit (ExPermit) to experiment Robo-Advisory Service.
Based on this permit, the company will be able to experiment the Robo-Advisory Service which allows clients to get advice on securities or investment scheme through direct access to automated online platform (or application). Additionally, the company is able to offer automated onlin