Saudi authorities will allow two financial technology companies to test out robo-advisory services in the kingdom, the Capital Market Authority (SMA) has announced.
In two separate announcements, the CMA said that Wahed Capital and Haseed Investing Co have been granted ‘experimental permits’ for robo-advisory services.
“Based on this permit, the company will be able to experiment the robo-advisory service which allows clients to get advice on securities or investment schemes through direct access to automated online platforms or applications,” the CMA statement said.
The CMA added that “the company is able to offer automated online discretionary investment management, where the clients can automatically make investments through the platform or the application by giving the management of the company the responsibility to investment on the clients behalf, within parameters and mandates agreed with the client, on an ongoing basis.”
In June, the Saudi Arabian Monetary Authority granted licenses to 14 fintech companies in the field of crowd lending and payment services. The companies include Geidea, Bayan Payments Company Limited, HalalaH, Saudi Digital Payments Company, Saudi Post, Brightware, and Tap Payments.
The move came after the authority granted licences to 7 firms earlier this year, bringing the total of licences issued to 21.
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