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The Saudi Capital Market Authority (AMC) approved the application for a financial technology experience license from the Group Finance Company Limited and the financial benefits, Create a real estate collective financing platform. The TRA said Tuesday in a statement on Tadawul that, based on the statement, the two companies would be able to test the collective real estate finance product through which investors can participate in financing small and medium enterprises.
and indicated that this service will be provided by an electronic portal owned and supervised by each company.
The Authority also noted that this announcement coincides with the beginning of the first phase, announced on December 11, 2017, for the financial technology experience, and will be open to receive applications for the second phase, later this year.
This approval came in accordance with the instructions of the Financial Technology Experience Statement published by the Authority, which aims to provide a regulatory framework that supports the innovation of financial technology in the Kingdom's financial market.
Thank you for visiting our website today. If you have any questions regarding this news, the Saudi Market Authority approves the "group financing" and the "benefits" of experience in financial technology. Please let us know or leave a comment below.
Source: Direct (Economics)
