Title: Financial Technologies Workshop at the University

Kuwait, December 6, 2023 - The financial technologies awareness workshop conducted by the CMA at the American University in Kuwait (AUK) on December 4th marked the beginning of a comprehensive awareness campaign dedicated to financial technologies throughout the month of December. The workshop aimed to introduce these technologies, their regulatory framework, and the services provided within it, as outlined in Module Nineteen of the Executive Bylaws of the law of establishing the CMS. These regulations are expected to come into effect on January 2, 2024.

The workshop, part of the CMA's project to enhance financial inclusion and investment awareness, focused on financial technologies as a key element of financial inclusion. It witnessed a distinguished attendance of college students, with presentations delivered by the following individuals:

Ms. Zahra Al-Mousa - Acting Manager of Financial Technologies Unit.
Mr. Abdullah Al-Shamri - Senior Analyst at the Financial Technologies Unit.
Ms. Altaf Al-Faraj - Analyst at the Financial Technologies Unit.
The workshop began by introducing financial technologies as technological means for delivering and accessing financial services that maximize benefits for both providers and beneficiaries. It also provided a historical overview of financial technologies dating back to 1858 and highlighted significant stages of their development.

Following this, the workshop discussed the global growth of financial technology sectors during the current decade. It then dedicated considerable time to the discussion of the regulatory provisions for the first group of services specified in the aforementioned Module. This group includes two main services: " Securities-Based Crowdfunding," which allows for direct transaction channels that connect investors interested in investing their funds in small and medium-sized projects, as well as providing alternative funding channels outside traditional methods to increase liquidity levels in the market and offer investment opportunities for small investors and entrepreneurs.

The second service is " Digital Financial Advisory," also known as robot or automated advice, which is heavily relied upon to enhance financial advisory services and make them economically viable for the widest possible range of society.

Lastly, on the occasion of announcing this event, the CMA invites everyone to contact their Financial Technologies Unit to learn about the regulatory framework, products, and services related to financial technologies, contributing to the integration of efforts in supporting the successful implementation of this unprecedented initiative in the securities activities sector.

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 stipulates the supervision of mergers, acquisitions, and disclosure operations. The CMA also aims to provide awareness programs pertaining to securities activities.
For further information, please contact:
Public Relations & Media Office
Tel: 22903062
Fax: 22903505
Email: pr-media@cma.gov.kw