Arab News, Wednesday, Jan 12, 2022 | Jamada Al-Aakhirah 9, 1443
Saudi Central Bank updates crowdfunding rules
Saudi Arabia:
Saudi Central Bank, also known as SAMA, has
updated the rules for separating the funds of participants in the financing
process and the funds of a crowdfunding facility.
The step aims to support the emergence of fintech
companies.
The updated rules aim to redefine the beneficiary
to include all commercial establishments registered in the Kingdom of Saudi
Arabia that seek to obtain financing through the debt crowdfunding platform.
They add the definition of aggregate accounts to
ensure complete separation between the funds of the participants in the
financing process and the funds of the crowdfunding facility, the
Bank clarified.