Oman’s Financial Services Authority (FSA) has launched the trial phase of Rushd, a digital investment advisory platform operating within its Fintech Regulatory Sandbox.
The trial will test Rushd’s technology, business model and operational readiness before the service can be offered to the public. The platform must meet regulatory, technical and operational requirements, secure the required approvals and obtain a final licence.
Rushd uses algorithms and intelligent technologies to develop investment recommendations and portfolios based on clients’ objectives, assets and risk tolerance. According to the announcement, it also provides portfolio management across local and international investments, including asset allocation, monitoring and rebalancing. Its portfolios are managed in line with Islamic Sharia principles.
The FSA will oversee the platform during live testing, assessing its functionality, risk management, investment suitability and user experience. The trial will take place in stages, with controls on the number of clients and transaction volumes, alongside performance indicators for evaluating the platform’s business model and compliance with regulatory and operational requirements.
The FSA said the initiative supports innovation in Oman’s capital market and invited fintech startups and other innovators in the non-banking financial sector to use the regulatory sandbox.
Source: Zawya
