Sarwa Granted Fintech ExPermit License to Expand to Saudi Arabia

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Sarwa has announced the expanding of its service
to the Kingdom of Saudi Arabia. The Capital Market Authority (CMA)
has granted Sarwa a Financial Technology Experimental Permit
(FinTech ExPermit).

According to CMA, ‘The
Robo-Advisory Service
allows clients to get advice on
securities or investment scheme through direct access to an
automated online platform. Additionally, the company is able to
offer automated online discretionary investment management.’
Sarwa will be able to offer the same level of service it has been
known for in the UAE to the Saudi market, for both locals and
expats.

“As founders from the region, our mission is to make smart
financial services accessible and affordable to everyone here.
There are so many people in the Middle East who do not have the
tools nor the know-how to start their investing journey and work to
better their future. They do not have access to the right low-cost
advice that can help them build wealth properly, and specifically
first-time investors,” said Mark Chahwan,
co-founder and CEO of Sarwa. “When we received the call that we
got the license, we were very excited to introduce Saudi to Sarwa
and to long-term, simple, affordable, and smart investments that we
are all about.”

Dr Mazin Alzaidi, Director of Entrepreneurship
Sector, Ministry of Investment, said: “We are
excited that Sarwa obtained a permit to join the CMA sandbox and
that it will be introducing easy, accessible investing to the
market. This was a result of an ongoing collaboration between MISA
and CMA to attract innovative fintech startups to KSA.”

Clients in Saudi will be able to use the same platform as they
do in the UAE. Through the website, they can open an account, have
a recommended portfolio that reflects their goals and risk
appetite, and have their money put to work for them.

“Investing for your future retirement or for your kids future
is a critical financial planning step. Such planning is,
unfortunately, weak in general in the region and in Saudi Arabia. I
am thrilled to see Sarwa get approval lately to be available in the
Saudi market as a new automated financial tool for everyone to
use,” said Kais Al Essa, Founding Partner and
CEO, Vision Ventures.

Founded in December of 2017 by co-founders Mark Chahwan,
Jad Sayegh, and Nadine Mezher,
Sarwa was one of the first players to enter the UAE market. In less
than three years, Sarwa went from being the first to receive an
innovation testing license by the Dubai Financial services
authority, to being fully regulated under the
DFSA, and the Financial Services
Regulatory Authority of Abu Dhabi (FSRA)
.

The post
Sarwa Granted Fintech ExPermit License to Expand to Saudi
Arabia
appeared first on The Fintech Times.

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