Saudi Regulator Approves First Two Fintech Licenses

Saudi Arabia’s Capital Market Authority has awarded first two fintech licenses on a trial basis to Riyadh-based firms – Manafa Capital and Scopeer – which qualify them to provide crowdfunding investment services in the oil-rich country. Individual investors will now be able to benefit from electronic crowdfunding platforms which will allow them to obtain shares in small and medium-sized enterprises, in exchange for their investments.

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