Robo-adviser Sarwa which expanded into Saudi Arabia January last year has requested the Capital Market Authority to cancel its financial technology experimentation permit which enabled the firm to test its digital investment management service, which included Shariah solutions, in the FinTech Lab.
In the official statement by the regulator, no reasons were given for the company’s request.
Sarwa was established in 2017 in Dubai by co-founder trio Mark Chahwan, Jad Sayegh and Nadine Mezher. Last August, the firm secured US$15 million in funding led by Abu Dhabi wealth fund Mubadala, bringing the amount raised to US$25 million.
In other news, the Saudi Central Bank has issued a license to Paylink, also known as Waslah al-Daf to provide e-commerce payment services, bringing the number of licensed payment company to 15. Eight company have been granted in-principle approvals.