Fsdp Quarterly Newsletter Q3 2023 · Page 6

 
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Insurtech Rules intend to enable Insurtechs to perform 
flexibly in an innovative based regulatory framework, 
which includes basic pillars such as practitioners' 
obligation, clients' information accuracy, and codes of 
conduct preserving clients' rights, compliance, and 
control. 
SAMA reaffirms its commitment to support and facilitate 
the growth of the insurance sector and regulate the 
relationship between Insurtech companies and clients; 
preserving the rights of all parties involved.  
“Investment 
capabilities 
and 
encouragement 
of 
entrepreneurship through the FinTech camp 2023” 
His Excellency the Chairman of the Board of the Capital 
Market Authority and Chairman of the Board of Trustees 
of the Financial Academy, Mr. Mohammed bin Abdullah 
Elkuwaiz, honored 24 innovators, at the closing ceremony 
of the FinTech Camp 2023 program. The FinTech Camp is 
one of the main initiatives presented by the Financial 
Academy in support of the financial and technology sector 
to contribute to the development of the national 
economy. The camp included ten units covering various 
topics, including design thinking, data analysis, and 
emerging technologies in financial technology and 
artificial 
intelligence. 
They 
also 
acquired 
new 
competencies in design thinking, agile management, data 
analysis and making decisions based on them, data 
analysis and visualization, as well as storytelling using 
financial technology data and emerging technologies, 
artificial intelligence, and growth supported by artificial 
intelligence, in addition to analyzing and improving 
automation processes, leading digital transformation, 
and presentation and presentation skills, including 
various stages, including the selection stage, the 
preparation stage, forming teams, the training camp 
stage, the hackathon stage, and displaying models. 
Approval of The Real Estate Contributions Law 
The Cabinet approved the real estate contributions law 
on Tuesday, July 11, 2023. Which aims to regulate the 
activity of real estate contributions in a way that keeps 
pace with the great development witnessed by this 
sector. And to raise the level of transparency and 
disclosure therein, and to protect the rights of all parties 
to the real estate shareholding. The adoption of the 
system is an important step in the real estate investment 
sector, by supporting the increase of financing and 
investment channels in parallel with real estate 
investment funds, and enhancing the protection of 
investors in the real estate sector from unlicensed 
practices. 
Monshaat Launches Slingshot Program to Boost 
Enterprise Growth 
The Small and Medium Enterprises General Authority 
(Monshaat) launched recently the Slingshot Program for 
fast-growing 
enterprises. 
The 
program 
will 
be 
implemented with a group of experts in entrepreneurship 
to learn from the best international practices in driving 
enterprise growth and facing challenges. 
infrastructure in Saudi Arabia. 
The relevant regulatory and supervisory frameworks 
enable SAMA to protect and stabilize the financial sector. 
They also enhance compatibility with comparable 
international principles and standards, including the 
Principles for Financial Market Infrastructures (PFMI). 
In the context of Saudi Vision 2030 with respect to 
financial inclusion, the implementing regulations should 
help create an attractive environment for investment, 
stimulate innovation and competition, and encourage the 
introduc