Title: Press Release: The Capital Markets Authority Registers Gulf Bank in the of Securities-Based Fintech Services Register at the CMA to Provide the Digital Financial Advisory Service

Kuwait, December 29, 2024 – Recognizing the significance of the financial technology sector in the local and international economy, and as part of its ongoing efforts in enhancing financial inclusion and developing the financial technology sector in the State of Kuwait, the Capital Markets Authority (CMA)announces the registration of Gulf Bank in the Securities-Based Fintech Services register to continue providing the Digital Financial Advisory service according to the provisions of Module Nineteen (Financial Technologies) previously mentioned. This decision follows a thorough review of several applications received during the initial implementation phase of Module Nineteen (Financial Technologies) of the Executive Bylaw of Law No. 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities and their amendments.

The total number of companies registered in the CMA’s register of Fintech Services to provide the Digital Financial Advisory service has become three companies to date, which are:
1- Watani Investment Company
2- The Securities House Company
3- Gulf Bank

The list of companies registered in the mentioned register may be viewed on the CMA’s official website and will be updated continuously in accordance with the resolutions issued by the CMA thereon.

It is worth mentioning that the first period of the initial implementation phase of the mentioned Module Nineteen (Financial Technologies) in accordance with CMA’s Resolution No. (181) of 2023 was a period for submitting applications for registration in the CMA’s fintech services register that extended from 02/01/2024 to 01/07/2024 and resulted in the submission of several persons seeking to provide the fintech services regulated by the CMA under Module Nineteen (Financial Technologies),  namely securities-based crowdfunding and digital financial advisory. This period was also designated  as a transitional period for the persons providing any of the mentioned digital financial services for their clients to regularize their status before the issuance date of Module Nineteen (Financial Technologies). Moreover, the CMA is currently reviewing other applications submitted during the application period to ensure that they meet all the necessary terms and conditions, prior  to making a decision on their registration in the CMA’s register of fintech services.

In conclusion, and in line with its commitment to continuous communication, the CMA invites all individuals and entities interested in the financial technology sector to communicate with its regulatory unit concerned with financial technology regarding the regulatory framework of financial technology and its products and services. This will help achieve the objectives of developing the regulatory framework and enhance its chances of success in the State of Kuwait.

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Notes to Editors:
The Capital Markets Authority was established pursuant to Law No. 7/2010, approved by the Kuwaiti Parliament in February 2010. Pursuant to the Law, the CMA shall regulate and supervise the securities activities, achieve transparency and fairness, observe listed companies’ execution of Corporate Governance regulations, and protect investors from unfair practices which violate 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: 1888898
Email: pr-media@cma.gov.kw