The Capital Market Authority of Saudi Arabia has granted a fintech experimental permit (ExPermit) to Islamic robo-adviser Wahed Invest allowing the New York-headquartered start-up to experiment offering online discretionary investment management services in the Kingdom.
The permit, which was also extended to robo-adviser Haseed Investing Company, was part of the second batch of ExPermits forfintech innovations announced in October 2018. Applications for the third cohort will open later this year.