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Saudi Arabia approves fintech licences

Saudi Arabia’s securities regulator has approved its first two financial technology licenses on Tuesday, according to Retuers.

The movSaudi Arabia approves first-ever fintech licences e is part of a drive to develop a fintech sector in the Arab world’s biggest economy under reforms created to reduce reliance on oil.

The Capital Market Authority approved licenses allowing Riyadh-based start-up Manafa Capital and another firm, Scopeer, to offer crowdfunding investment services on a trial basis.

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