The Capital Market Authority (CMA) Grants a Financial Technology Experimental Permit (FinTech ExPermit) to FALCOM Financial Services Co to Create Equity Crowdfunding Platform

Wednesday, February 06, 2019 at 4:16 PM

Wed Feb 6, 2019 16:16

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 FALCOM Financial Services Co a Financial Technology Experimental Permit (ExPermit) to create equity crowdfunding platform.
 
Based on this permit, FALCOM Financial Services Co 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 FALCOM Financial Services Co.