Saudi Arabia allows two firms to test robo-advisory services

Saudi Arabia's Capital Market Authority (CMA) has approved Wahed Capital and Haseed Investing Company to test their robo-advisory services, as part of moves by the Arab world's biggest economy to encourage the use of financial technology. The regulator stated that the companies will be able to experiment the robo-advisory service which allows clients to get advice on securities or investment scheme through direct access to automated online platform or application. The approvals for Wahed Capital and Haseed Investing come after the Saudi central bank launched an initiative last year ...