Saudi Arabia: Adopted CMA FinTech Lab for testing Fintech Business Models

In April 2018, the Capital Markets Authority launched a FinTech Lab. It is a tool that was developed as part of Vision 2030. Vision 2030 is an all-encompassing blueprint that covers many development goals for Saudi Arabia. Vision 2030 includes a financial sector development program that supports a diversified and innovative market. The lab has been developed as part of this project, where its function lies in giving FinTech products and services an opportunity to test new business models. The model can be tested against specific time constraints as well as standards set out by the CMA. Specifically, the lab focuses on businesses related to securities activity that wish to test their models in a safe environment. An application to receive a license to use the FinTech lab is needed.