The Capital Market Authority (CMA) of Saudi Arabia has granted a financial technology experimental permit to Dubai-headquartered fintech firm Sarwa.
According to the CMA: “Based on this permit, the company will be able to experiment with robo-advisory service, which allows clients to get advice and securities or investment [schemes] through direct access to automated online platform (or application).
“Additionally, 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 invest on the client’s behalf, within parameters and mandates agreed with the client, on an ongoing basis.
“The service is provided through an electronic online platform (or application) owned and monitored by the management of the company.”
Sarwa is based in the Dubai International Financial Centre (DIFC) and has an office in the Abu Dhabi Global Market (ADGM).
