Arab Finance: Islam Azzam, the Chairman of the Financial Regulatory Authority (FRA), approved granting licenses to 10 companies in non-banking financial activities to conduct a number of activities under the authority's supervision, according to a statement.
This move comes as part of the FRA's strategy to enhance governance and development in the non-banking financial sector, to protect consumers and stimulate investment.
OG Capital was licensed to do venture capital activities for the purpose of acquiring equity stakes in companies or entities.
The FRA’s committee also approved the licensing of Arabia Online Brokerage to conduct trading, brokerage, and securities trading activities.
Meanwhile, Sawari Ventures will also establish and manage securities portfolios and investment funds.
Acumen Holding will operate investment funds independently or in partnership with others, as per the authority's resolution No. 58 of 2018.
The committee also approved granting Halan for Securities Brokerage a license to receive subscriptions for investment fund units. Wilzy Financial Holding was granted a license to operate as a custodian.
Beltone Securities Brokerage will run a business as a broker in futures contracts after adding it to the company's objectives.
Smart Medical Services received a temporary license to operate in the management of medical care programs.
Both Deraya Insurance and eGuardians Insurance Brokerage received the authority's approval to register in the insurance brokers' register as legal entities.
