The Capital Market Authority (CMA) Grants a Financial Technology Experimental Permit (FinTech ExPermit) to Maysan Financial Technology Company to Experiment Social Trading Technology
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 Maysan Financial Technology Company a Financial Technology Experimental Permit (ExPermit) to experiment social trading technology.
Based on this permit, Maysan Financial Technology Company will be able to experiment the Social Trading technology, which allows a group of clients (followers' clients) to access the investment portfolios of other clients (followed clients) and the executed transaction in their portfolios, in order to seek guidance from their investment strategies.
CMA would like to highlight that this permit coincides with the launch of the third batch for ExPermit of FinTech innovations which was announced in 25/11/2019, related to securities businesses that fall under the CMA's supervision. Later this year, the CMA will open the door for the fourth batch of applications for FinTech ExPermits.