Tuesday, 26 October 2021 02:37 GMT

Saudi watchdog backs up Fintech industry with fresh directory regulations

(MENAFN) Saudi Arabia's financial markets watchdog is putting fresh regulations seeking improving the financial technology regulatory structure.

On Thursday, Sep. 16 The Capital Market Authority (CMA) declared the endorsement of adjustments to Financial Technology (Fintech) Experimental Permit Instructions.

The adjustments contain adding meanings to elucidate the character of the Fintech Lab and putting directions for business performance in the Fintech Lab.

Nejoud Al Mulaik, Leader of Saudi Fintech, said to Arab News, "The continuous progress in the technical infrastructure development in Saudi Arabia such as wider implementation of digital identity, data privacy laws, and data classification framework will accelerate the wider adoption of digital services extended by banks and Fintechs."

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