Sarwa has announced the expanding of its service to the Kingdom of Saudi Arabia. The Capital Market Authority (CMA) has granted Sarwa a Financial Technology Experimental Permit (FinTech ExPermit).
According to CMA, ‘The Robo-Advisory Service allows clients to get advice on securities or investment scheme through direct access to an automated online platform. Additionally, the company is able to offer automated online discretionary investment management.’ Sarwa will be able to offer the same level of service it has been known for in the UAE to the Saudi market, for both locals and expats.
“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 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.”
Dr Mazin Alzaidi, Director of Entrepreneurship Sector, Ministry of Investment, said: “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.”
Clients in Saudi will be able to use the same platform as they do in the UAE. Through the website, they can open an account, have a recommended portfolio that reflects their goals and risk appetite, and have their money put to work for them.
“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.
Founded in December of 2017 by co-founders Mark Chahwan, Jad Sayegh, and Nadine Mezher, Sarwa was one of the first players to enter the UAE market. In less than three years, Sarwa 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).