SAUDI ARABIA: The Saudi Capital Market Authority (CMA) has suspended the license it granted to Mekyal Financial Technologies Company, a crowdfunding platform in the Kingdom, to conduct arranging activities in the securities sector and suspended the fintech company’s experiment permit to test its debt instrument offering and investment products in the regulatory sandbox.
The CMA said the decision is based on its ongoing supervision of Mekyal as there were several issues identified in the accuracy and reliability of the fintech company’s disclosures.
