Bloomberg/Waseem Obaidi

Regulation

Saudi Arabia grants two firms permission to test robo-advisory services

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Financial centres across the Gulf region including Abu Dhabi, Dubai and Bahrain are also looking to cultivate a financial start-up scene to position themselves as regional powerhouses in fintech.

Wednesday 31, July 2019 BY KUDAKWASHE MUZORIWA

Saudi Arabia’s Capital Market Authority (CMA) has approved Wahed Capital and Haseed Investing Company to test their robo-advisory services, as part of moves by the Kingdom to encourage the use of financial technology.

In a bourse filing, the CMA stated that the companies will be able to experiment the robo-advisory service which allows clients to get advice on securities or investment scheme through direct access to automated online platform or application.

Additionally, the company is also permitted to offer automated online discretionary investment management.

The CMA said that it will reopen the door for the third batch to receives applications for fintech experiment permits.

TAGS : Capital Market Authority , Wahed Capital, Haseed Investing Company, robo-advisory services

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