Saudi regulator supports Fintech industry with new regulatory measures

RIYADH: Saudi Arabia’s financial markets regulator is adding new measures, aiming at enhancing the fintech regulatory framework, Arab News reported.

The Capital Market Authority (CMA) announced the approval of amendments to the 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 the banks and Fintechs,” Nejoud Al Mulaik, head of Saudi Fintech, told Arab News.

The amendments will become effective from the date of their publication, the statement on Saudi Stock Market (Tadawul) said.