Sunday, April 18, 2021

“Ministers” approve the law regulating and developing the use of financial technology

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The cabinet approved a draft law on regulating and developing the use of financial technology in non-banking financial activities.

The draft law comes within the framework of enhancing financial inclusion, working to expand the base of beneficiaries of non-banking financial activities, raising their efficiency, and reducing the costs necessary to benefit from these activities and services.

The draft law stipulates that the Financial Supervisory Authority is the only competent administrative authority to implement the provisions of this law, and to take all necessary measures to promote and develop the use of modern and innovative financial technology systems in any of the areas of non-banking financial activities and to provide related financial advice.

In order to achieve the objectives of this law, the Financial Supervisory Authority may take procedures for establishing companies subject to its provisions, granting licenses and approvals necessary to carry out the activities stipulated in it, and using technological applications to ensure compliance with the established laws and rules in a way that contributes to the Authority’s supervisory role over the entities subject to it regarding compliance with standards Transparency and governance, protecting dealers in non-banking financial markets, and adopting modern and innovative technological tools to facilitate dealing with the non-banking financial sector in the use of financial technology.

The draft law included 6 issuance articles and 24 enacted articles, which laid down the general framework governing the use of financial technology in providing non-banking financial services, as it clarified the technical provisions governing the use of technology in carrying out these activities, as well as the legal provisions related to the rules for obtaining licenses and the necessary approvals To carry out the activity, and the related provisions for protecting dealers in these activities and maintaining the confidentiality of their data and information and the control mechanisms over the entities that will work in these activities.

The article “Ministers” approves a law regulating and developing the use of financial technology and was written in the Al-Borsa newspaper.

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