Arab News, Saturday, Sep 18, 2021 | Safar 11, 1443
Saudi regulator supports Fintech industry with new regulatory measures
Saudi Arabia:
Saudi Arabia's financial
markets regulator is adding new measures aiming at enhancing the fintech
regulatory framework.
The Capital Market Authority (CMA) announced
on Thursday the approval of amendments to Financial Technology (Fintech)
Experimental Permit Instructions.
The amendments include adding definitions to
clarify the nature of the Fintech Lab and adding instructions for business
practice in the Fintech Lab.
The amendments also include updating the
application form for the Fintech ExPermit.
"The continuous progress in the technical
infrastructure development in Saudi Arabia such as wider implementation of
digital identity, data privacy laws, and data classification framework will
accelerate the wider adoption of digital services extended by banks and
Fintechs," Nejoud Al Mulaik, Head of Saudi Fintech, told Arab News.
Amendments will become effective from the date
of their publication, the statement on Saudi Stock Market (Tadawul) said.