Entrepreneurs and financial startups are being encouraged to apply for a special Saudi Arabia scheme designed to develop innovation in the fintech sector.

The Kingdom’s Capital Market Authority (CMA) is now receiving applications for the fifth batch of FinTech ExPermits, which will allow providers of relevant products and services to test their business models within specific criteria, time and regulatory requirements.

The testing is carried out under the supervision of the CMA’s FinTech Lab, and the application window is open until Dec. 15

To be eligible, businesses must involve a securities activity, be at a sufficiently advanced stage of development to mount a live test, and promote significant growth and efficiency.

The CMA opened the first batch of applications for the FinTech ExPermit in February 2018.

The authorities Board of Commissioners have granted 17 permits in different business models including Equity Crowdfunding, Robo-advisory, Offering and Investment in Debt Instruments, a platform that uses Distributed Ledger Technology (DLT) to arrange and offer of securities and custody services, and Social Trading Platform.