IslamicFinance.de

Saudi Arabia's securities regulator approved its first two financial technology licences on Tuesday. The Capital Market Authority (CMA) approved licences allowing Manafa Capital and Scopeer to offer crowdfunding investment services on a trial basis. Individual investors will use electronic platforms operated by the companies to fund small and medium-sized enterprises in exchange for shares in those enterprises. The CMA said it would receive applications for more fintech licences later this year. The Saudi central bank has also thrown its weight behind fintech, as it signed a deal with U.S.-based Ripple in February this year.