Riyadh, December 06, 2024 – The Saudi Capital Market Authority (CMA) has officially announced the final deadline for applications for the Financial Technology Innovation Testing License (FinTech License) as part of the eighth review round. Interested parties have until Tuesday, December 31, to submit their applications for consideration in the current review cycle. Applications received after this date will be evaluated during the subsequent review round.
The CMA has emphasized that only applications that meet specific criteria will be accepted. Key requirements include that the financial technology product must relate to securities activities regulated by the CMA and must be in an advanced stage of development, allowing for testing within the CMA’s dedicated FinTech Lab. These criteria ensure that only high-quality, innovative products that can have a meaningful impact on the capital market will be considered for licensing.
The announcement of this review round further underscores the CMA’s ongoing commitment to promoting regulatory support for financial technology innovations, a crucial component in the modernization of Saudi Arabia’s capital markets. The FinTech Lab, which has been operational since its establishment in 2018, serves as a vital platform for testing and refining cutting-edge financial technologies that can help diversify investment tools and improve market efficiency.
As of mid-2024, the CMA has granted 53 FinTech Testing Licenses. These licenses have played a significant role in introducing new models to the capital market, enhancing the range of investment options available to investors and bolstering the overall attractiveness of financing through the capital market. The CMA’s proactive approach in supporting the development of the financial technology sector is pivotal in furthering the Kingdom’s Vision 2030 goals, which seek to foster innovation, competitiveness, and sustainability across all sectors, including finance.