Riyadh: Muqassa signed a memorandum of understanding (MoU) with Instimatch Global to launch a Repo trading platform to enhance the financial infrastructure of the Saudi capital market.

Under the MoU, Muqassa will conduct central clearing for all Repo transactions on the new platform, according to a press release.

Meanwhile, Instimatch will be responsible for continually enhancing the trading platform in collaboration with Muqassa, ensuring its adaptation to the evolving requirements of its users.

The MoU will also allow both parties to cooperate in order to introduce new products and services in the Saudi capital market, supporting the efforts exerted for the development and diversification of the market, which come in the context of Vision 2030.

The protocol was inked on the sidelines of the third edition of the Saudi Capital Market Forum (SCMF), which is held in Riyadh between 19 and 20 February under the auspice of Mohammed Al Jadaan, Saudi Arabia’s Minister of Finance and Chairman of the Financial Sector Development Program.

The two-day event witnessed the launch of the Single Stock Options (SSOs) contracts on the Saudi National Bank (SNB).

During the SCMF, Philip Drury, Global Head of Technology and Communications Banking, Capital Markets, and Advisory at CitiGroup, unveiled that Saudi Arabia was targeting turning 70% of domestic payments to non-cash by the end of 2025.

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