Future FinTech Group Inc (FTFT)

[Rawlens]

Saudi Arabia’s CMA Awards Two Fintech Licenses To Riyadh Firms – The Capital Market Authority (CMA) of Saudi Arabia recently awarded two fintech licenses for the first time to firms based in Riyadh. The licenses have been awarded on a trial basis to Scopeer and Manafa Capital making them eligible to offer services related to crowdfunding investments in Saudi Arabia. Saudi Arabia wants to reduce reliance on oil. Both Scopeer and Manafa are early-stage companies. Founded in 2017, Scopeer’s online platform is still undergoing development. It is not clear when Manafa Capital was established however through its website it allows businesses and investors to use its platform. According to CMA, the application process for receiving fintech licenses will reopen later in 2018. Saudi Arabia has approved the licenses for fintech firms to boost fintech sector in the biggest economy of the Arab world with the view to cut down reliance on the oil-sector. Read more: https://marketexclusive.com/saudi-arabias-cma-awards-two-fintech-licenses-to-riyadh-firms/2018/07/