Saudi Arabia’s Capital Market Authority Grants FinTech Experimental Permit to Wethaq

The Capital Market Authority (CMA) of Saudi Arabia has granted a Financial Technology (FinTech) Experimental Permit (ExPermit) to financial services provider Wethaq Capital Markets Platform (Wethaq) based in Dubai, United Arab Emirates (UAE). Capital Market Law and FinTech ExPermit instructions issued by the CMA provide a framework to regulate the innovation of FinTech in Saudi Arabia’s capital market.

The FinTech ExPermit allows Wethaq to use Distributed Ledger Technology (DLT) to provide securities and custody services to investors. Wethaq will use DLT to arrange the offering of securities, by coordinating with the Issuer as well as the Authorised Person appointed by the Issuer as an Offering Advisor. At the ini...