Saudi Arabia’s securities regulator, the Saudi Capital Markets Authority (SMCA) has given the green light for two local firms, Wahed Capital and Haseed Investing Company, to test their robo-advisor services.
The move follows numerous initiatives from regulators in the region, including the Saudi central bank, to encourage the growth of robo-advice and the use of new technology such as blockchain settlement and crypto assets.
The SMCA’s decision will allow clients of the two firms to offer discretionary investment management via an online automated platform through what the regulator has termed a “financial technology experiment permit”.
Meanwhile Bahrain has issued a full regulatory license to Rain, a local cryptocurrency exchange, in its own bid to become the region’s centre for digital asset management and crypto trading.
According to Rain, the decision makes it the first cryptocurrency exchange to earn a regulatory license in the Middle East.
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