Logo of Saudi Central Bank (SAMA)
Saudi Central Bank (SAMA) updated rules for practicing debt crowdfunding activities. The rules were updated after being earlier published to seek public opinions on the Public Consultation Platform.
The updated rules aim to redefine beneficiaries, to include all commercial establishments registered in the Kingdom, which seek to raise finance through debt crowdfunding platform, SAMA said in a statement. They also aim to add the definition of aggregate accounts to ensure separation between participants’ funds in the financing process and the crowdfunding facility funds.
The update also sets a ceiling for crowdfunding, based on capital, through amending Article 28.
The move comes in line with SAMA’s efforts to develop the finance sector and keep abreast of recent developments in the finance industry. SAMA also seeks to support financial technology (fintech) that led to the emergence of several fintech players.
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