Saudi Banks spokesman for (Ajel News): “We are officially issuing licenses to Forex companies soon,” this is to provide protection to the clients’ money from theft and looting.
The Capital Market Authority (CMA), in cooperation with the Saudi Arabian Monetary Authority (SAMA), is to officially grant licenses to the financial companies to deal with trading in Foreign Exchange Market (FOREX) in Saudi Arabia, after fulfilling the conditions governing it, to be official away from the shell companies that spread over the Internet.
Taking Such a step, Saudi Arabia becomes the newest regulatory destination in the MENA region.
Mr. Talaat Hafez, the Secretary General of the Media and Banking Awareness at Saudi Banks, told “Ajel News” that the concerned authorities in Saudi Arabia of the CMA and SAMA are looking forward to granting more opportunities to companies or financial institutions to trade in Forex. This would create an environment of honest competition for all those involved in this kind of trade.
Hafez added that allowing these facilities to deal with Forex will soon and inevitably lead to the resort of the dealers, in Saudi Arabia, to the unlicensed companies whether inside and outside Saudi Arabia.
Hafez added that the license will be officially granted to companies and will protect clients and their money from theft or looting, pointing out that the step of granting Riyad Capital, a subsidiary of Riyad Bank, which is the third largest financial institution in the country that owns 51% of which, trading services in the Foreign currency exchange market (Forex) through the Riyad Forex platform with multiple options of available currencies is an important and appreciated step.
Riyad Capital announced itself as the first licensed companies by CMA to provide trading services in Saudi Arabia on April 25th, in the Financial Sector Conference.
Hafez pointed out that the presence of these companies and institutions in the future in Saudi Arabia will enhance all the transactions and raise the necessary awareness of dealers. It will also promote their role in training to deal with Forex.