Saudi Arabia’s Capital Market Authority Grants First Two Trial Fintech Licenses

Last week, Saudi Arabia’s Capital Market Authority (CMA) announced the approval of the first two trial financial technology licenses to Manafa Capital and Scopeer. According to the organization, these trial licenses will qualify the two companies to provide crowd-funding service in the Kingdom of Saudi Arabia. CMA also reported that the two licenses are the first results of the Financial Technology Laboratory initiative launched by the CMA at the beginning of 2018.