The Capital Market Authority (CMA) Grants a Financial Technology experimental permit (FinTech ExPermit) to Crowdfunding limited company (Scopeer) to Create Equity Crowdfunding Platform.
Tuesday, July 10, 2018 at 3:53 PM
Tue Jul 10, 2018 15:53
Reference is made to the Financial Technology Experimental Permit Instructions issued by CMA in 10/01/2018, which aims to provide a regulatory framework that is conducive for the innovation of Financial Technology (FinTech) in the capital market within the Kingdom. In relation to this, the CMA Board of Commissioners issued its resolution to grant Crowdfunding limited company (Scopeer) a Financial Technology Experimental Permit (ExPermit) to create equity crowdfunding platform.
Based on this permit, Scopeer will be able to experiment the crowdfunding FinTech which allows investors to participate in funding small and medium size enterprises in exchange for shares in such enterprises. The service is provided through an electronic platform owned and monitored by Scopeer.
CMA would like to highlight that this permit coincides with the beginning of ExPermit for the first batch of FinTech innovations which was announced in 11/12/2017, related to securities businesses that falls under the CMA's supervision. Later this year, the CMA will reopen the door for the second batch to receives applications for FinTech ExPermits.