The permit will enable the company to experiment crowdfunding in a fintech medium, at which investors can take part in financing small and medium enterprises (SMEs) in return for ownership of shares in these firms. The fintech based electronic platform of the firm provides these crowdfunding services and it is monitored by the firm itself.
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Earlier in July this year, the Saudi regulator granted two Saudi firms experimental permits allowing them to test using robo-advisory services, or computer-generated advice for investors.
Another regulator, the Saudi central bank (SAMA) launched regulatory sandbox for fintech firms that allows local and international financial technology firms to test new digital solutions.
Other Gulf regional financial centers such as Abu Dhabi and Bahrain are taking several regulatory measures to create a conducive environment in the fintech race.
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