Saudi Arabia’s Capital Market Authority (CMA) has launched the Fintech Lab, a new initiative aimed at supporting innovation and the development of new products in the financial technology (fintech) sector.
The lab aims to create a regulatory framework designed to enhance and support innovation in the financial market, the regulator said in a statement on Monday.
Participants can use the Fintech Lab to run a trial of their products and services in an environment with more lenient regulations.
The step comes as part of the CMA’s efforts to organize and develop the money market, in line with international criteria and best practices.
The initiative is also in line with the Financial Leadership Program 2020 and the Saudi Vision 2030, CMA chairman Mohammed Al Kuwaiz said, adding that fintech experimental permits can be obtained by the end of January.
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