Sarwa is granted the Fintech ExPermit License by CMA Saudi

Saudi, here we come! We are so happy to announce that Sarwa is expanding its service to the Kingdom of Saudi Arabia.

With this new license in hand, we will be able to offer our wealth management services to make investing more low-cost, transparent, and accessible to everyone in Saudi Arabia, both locals, and expats.

The Capital Market Authority (CMA) just granted us a Financial Technology Experimental Permit (FinTech ExPermit). According to CMA, ‘The Robo-Advisory Service allows clients to get advice on securities or investment schemes through direct access to an automated online platform or applications.’

We believe that building for a better future should be something available to all, no matter their age, background or situation

“As founders from the region, our mission is to make smart financial services accessible and affordable to everyone here. There are so many people in the Middle East who do not have the tools nor the know-how to start their investing journey and work to better their future. They do not have access to the right low-cost advice that can help them build wealth properly, and specifically first-time investors,” said our very own Mark Chahwan, co-founder and CEO of Sarwa. ‘When we received the call that we got the license, we were very excited to introduce Saudi to Sarwa and to long-term, simple, affordable, and smart investments that we are all about.’

Clients in Saudi will be able to sign up and use the same award-winning platform as clients in the UAE do

“We are excited that Sarwa obtained a permit to join the CMA sandbox and that it will be introducing easy, accessible investing to the market. This was a result of an ongoing collaboration between MISA and CMA to attract innovative Fintech startups to KSA,” said Dr. Mazin Alzaidi, Director of Entrepreneurship Sector, Ministry of Investment.

Through the website, clients can have a recommended portfolio that reflects their goals and risk appetite and open an account in minutes. They can then easily put their hard-earned money to work for them. They will also be able to fund a local account, removing the international transfer fees banks usually charge. Sarwa also has human advisors that can help them in their journey.

‘Since the establishment of Sarwa, expansion to the Saudi market has been an important milestone. Now with this being achieved, we are delighted to present to Saudis their trusted Robo-advisor. Sarwa will help clients in Saudi plan, invest, and manage their investments as easy as a click of a button,’ said Ali Abussaud, Founding Managing Partner, Hala Ventures, Saudi. 

“Investing for your future retirement or for your kids future is a critical financial planning step. Such planning is, unfortunately, weak in general in the region and in Saudi Arabia. I am thrilled to see Sarwa get approval lately to be available in the Saudi market as a new automated financial tool for everyone to use,” said Kais Al Essa, Founding Partner and CEO, Vision Ventures.

We have come a long way

Founded in December of 2017 by our very own Mark Chahwan, Jad Sayegh, and Nadine Mezher, Sarwa is the first and fastest growing robo-advisor to enter the UAE market.

In less than three years, we went from being the first to receive an innovation testing license by the Dubai Financial services authority, to being fully regulated under the DFSA, and the Financial Services Regulatory Authority of Abu Dhabi (FSRA).

We also have the backing of top regional and international stakeholders, such as ADQ (previously Abu Dhabi Investment Office), Dubai International Financial Center, Shorooq partners, Hala Ventures and Vision Ventures from Saudi, Kuwait Projects Company (Holding), also known as KIPCO, Hambro Perks from the UK, and more who entrusted us with a total of $10M in funding to date.

Most importantly, we have the trust of our clients and the community around us.

Now, Sarwa is setting its eyes on Saudi. With the License from CMA, we just hit yet another milestone on our journey to regional expansion. We can not be more proud. Thank you for getting us there.