The Saudi Arabia Capital Markets Authority’s Board has suspended the licence granted to Mekyal Financial Technologies Company to conduct the Arranging activity in the securities business and cancelled the firm’s FinTech Experiment permission to test offering and investment in debt instruments, citing market safety and investor protection. The measures were taken under clause (b) of Article 62 of the Capital Market Law. The CMA linked the action to its ongoing supervision of Mekyal and the identification of several matters concerning the accuracy and reliability of the company’s disclosures.
Saudi Arabia Capital Markets Authority 2025-05-04
Saudi Arabia Capital Markets Authority suspends Mekyal Financial Technologies’ arranging licence and cancels its FinTech experiment permission
The Saudi Arabia Capital Markets Authority has suspended Mekyal Financial Technologies Company's licence for Arranging activity in securities and cancelled its FinTech Experiment permission for debt instruments, citing market safety and investor protection. This action follows ongoing supervision and concerns over the accuracy and reliability of Mekyal's disclosures, under clause (b) of Article 62 of the Capital Market Law.