Saudi Arabia’s Capital Market Authority Awards First Two FinTech Licenses

  • Saudi Arabia’s securities regulator, Capital Market Authorities (CMA) approved its first two FinTech licenses on Tuesday, in a bid to develop the FinTech sector


  • Both Scopeer and Manafa Capital were given a license to offer equity crowdfunding platforms, allowing investors to participate in funding small and medium size enterprises in exchange for shares


  • In February, Saudi Arabian Monetary Authority (SAMA), the Saudi central bank signed an agreement with Ripple to help banks improve their payments infrastructure.

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