Saturday, 16 October 2021 11:26 GMT

Saudi Arabia's financial markets regulator to improve fintech regulatory framework.


(MENAFN)Saudi Arabia's financial markets regulator plans to improve the fintech regulatory framework, by adding new measures.

The Capital Market Authority (CMA) declared the approval of alterations to Financial Technology (Fintech) Experimental Permit Instructions.

Moreover; the adjustments include providing descriptions to explain the nature of the Fintech Lab and giving instructions for business practice in the Fintech Lab.

Nejoud Al Mulaik, Head of Saudi Fintech, was quoted as saying that "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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