Capital Markets registers, first companies in financial technology services for securities
The Capital Markets Authority announced the registration of the first companies in its register for securities-based financial technology services, as this step is considered a launch aimed at supporting the growth of the financial technology sector and enhancing the concept of financial inclusion in Kuwait.
The Authority explained in a press statement that during the initial implementation phase of Book 19, Financial Technologies, it received a number of persons wishing to provide financial technology services regulated by the Authority.
These were namely; the securities-based crowd funding and automated investment advisor services, with requests for registration in the register for securities-based financial technology services with the Authority, as the Authority specified a period of time extending from the beginning of the initial implementation phase on, 2 January 2024, to 1 July 2024, as a period for submitting registration requests in the register for securities-based financial technology services with the Authority during the initial implementation phase, in addition to specifying it as a transitional period to regularize the status of persons who provide any of the aforementioned financial technology services for the benefit of their clients before the date of issuance of Book 19, Financial Technologies.
After the Authority studied the submitted requests and verified that a number of them met all the conditions and requirements, the Capital Markets Authority announces the registration of both Al-Watani Investment Company and Bait Al-Securities Company in the register for securities-based financial technology services to provide the automated investment advisor service, thus making them the first companies registered with the Authority to provide financial technology services regulated by it, in accordance with the Authority’s decisions No. (144) of 2024 and No. (145) of 2024 issued on 10/24/2024.
The Authority is also studying a number of other applications submitted to it during the application period to ensure that they meet all conditions and requirements in preparation for their registration in the register of financial technology services based on securities with it.
It is worth noting that the companies registered in the register of financial technology services based on securities with the Authority, can be viewed by visiting the electronic page for financial technologies on the Authority’s website, which is constantly updated in accordance with the decisions issued by the Authority in this regard.
Moreover, The Authority renews its call to all individuals, institutions and entities subject to its supervision, and all parties in general, including individuals and entities interested in the financial technology services sector, to participate in the questionnaire of the first phase of evaluating the regulatory framework for financial technology services organized by the Authority and to submit their opinions and proposals that would contribute in improving and developing the regulatory framework for financial technology services, which continues until 11/25/2024.
Finally, the Authority calls on everyone to communicate with it through the organizational unit concerned with financial technologies, with everything related to the regulatory framework for financial technologies, its products and services, in a way that truly contributes to the integration of everyone’s efforts to support the Authority’s initiatives in developing the regulatory framework, and enhances its chances of success.
