Saudi Arabia’s securities regulator approved its first two financial technology licences on Tuesday. The Capital Market Authority approved licences allowing Riyadh-based start-up Manafa Capital and another firm, Scopeer, to offer crowd-funding investment services on a trial basis. Individual investors will use electronic platforms operated by the companies to fund small and medium-sized enterprises in exchange for shares in those enterprises. The move comes as part of a drive to develop a fintech sector in the Arab world’s biggest economy under reforms designed to reduce reliance on oil exports.