The Capital Market Authority has approved the licensing of the first global crowdfunding platform operator in Oman.
Ethis Investment is also the first Islamic crowdfunding platform to be set up in the sultanate, a statement said.
The approval came after the CMA has recently issued new rules on crowdfunding.
The CMA said it has since attracted “overwhelming interest” from both international and local crowdfunding fintech players, as the new regulation allows cross-border investments.
With the new rules, the CMA added that it will be regulating all crowdfunding activities in Oman, including donation-based, rewards-based, equity-based and peer-to-peer (P2P) financing.
The crowdfunding platform initiative by the CMA aims to provide an alternative financing platform for companies, including small and medium-sized enterprises (SMEs), to raise funding directly from global and local investors without going through a financial institution intermediary.
The CMA said the crowdfunding move represents a “major milestone” in developing the capital market and fintech area in Oman.
The Ethis crowdfunding platform will be operated by Ethis Investment Platform in Oman and will be offering both equity and P2P financing platforms.
The Ethis Group also has an equity crowdfunding platform licensed in Malaysia and a P2P financing crowdfunding platform licensed in Indonesia.
The CMA said it expects to have more crowdfunding platform operators, both conventional and Islamic, established and licensed in Oman soon.
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