Title: Press Release: Fintech Workshop Held by the CMA

Kuwait, June 8, 2024 - The Capital Markets Authority (CMA) implemented the first awareness workshop of its kind in cooperation with the Kuwait Economic Society, which presented the CMA’s Financial Technologies Unit, at the Association’s headquarters on the 5^th of June. This event comes within a broad  awareness campaign assigned by the CMA, to raise awareness and introduce financial technologies, its regulating provisions, and the services provided within their framework, in accordance with the provisions of Module Nineteen (Financial Technologies) of the Module of the Executive Bylaws of the CMA’s Establishment Law.

The workshop falls within the framework of the CMA’s project to enhance financial inclusion and investment awareness, considering financial technologies as one of the main pillars of financial inclusion. The workshop witnessed a distinguished attendance, and was presented by:

- Mrs. Zahraa Al-Mousa - Acting Director of the Financial Technologies Unit, CMA.

- Mr. Abdullah Al-Shammari - Senior Analyst at the Financial Technologies Unit, CMA.

- Mrs. Altaf Al-Faraj - Analyst at the Financial Technologies Unit, CMA.

- Mrs. Haya Ayman Boodai - Member of the Board of Directors and Head of the Cultural Committee of the Kuwait Economic Society.

The workshop commenced with defining financial technologies as technical means for providing and obtaining financial services in order to maximize the benefit for both the provider and the beneficiary.

The workshop then moved on to review the history of the financial technology industry and its development over the past decades, before devoting an extended period to discuss the provisions regulating the first group of services determined within the framework of Module Nineteen previously mentioned, which include two main services, the first of which is the “Securities-Based Crowdfunding Service”, which provides direct dealing channels that bring together investors interested in investing in small- and medium-sized enterprises (SME), and provides financing channels other than the traditional channels, which helps to increase the level of liquidity in the market, and provides investment opportunities for small investors and entrepreneurs.

As for the second service, it is represented by the “Automated Investment Advisor service”, known as robot or automated or digital advice, which is greatly relied upon to develop the financial advisory service, make this service available to the largest possible segment of society and make it more financially feasible.

Finally, on the announcement of this event, the CMA invites everyone to communicate with it through its Financial Technologies Unit to learn about the regulatory framework of financial technologies and its products and services, which contributes to the integration of everyone’s efforts to support the implementation of this unprecedented initiative at the level of securities activities, and enhances chances of its success. It also calls for following up on what is published on the financial technologies webpage on the CMA’s official website, in addition to following up on what is published on the awareness section on the website and CMA’s official accounts on the social media platforms.

Ends-

Notes to Editors:

The Capital Markets Authority (CMA) of Kuwait was established pursuant to Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities, and its amendments, approved by the Kuwaiti Parliament in February 2010. Under this Law, the CMA regulates and supervises securities activities, ensures transparency, fairness, efficiency, and observes listed companies’ implementation of Corporate Governance regulations. The CMA also protects investors from unfair practices and violations of the CMA's Law.

Furthermore, the Law's provisions stipulate the supervision of mergers, acquisitions, and disclosure operations. The CMA also aims to provide awareness programs related to securities activities.

For further information, please contact:

Public Relations & Media Office

Tel: 22903062

Fax: 22903505

Email: pr-media@cma.gov.kw