Saudi Arabia’s securities regulator approved its first two financial technology licenses on Tuesday, part of a drive to develop a fintech sector in the kingdom. The Capital Market Authority approved licenses allowing Riyadh-based start-up Manafa Capital and another firm, Scopeer, to offer crowdfunding investment services on a trial basis, the CMA said on Tuesday. Individual investors will use electronic platforms operated by the companies to fund SMEs in exchange for shares in those enterprises. The ventures could serve two aspects of Saudi Arabia’s reform program: broaden its capital markets, and create jobs by helping entrepreneurs obtain funding for new ventures. The CMA said it would receive applications for more fintech licenses later this year. In February, SAMA had signed a deal with U.S.-based Ripple to  help banks in the kingdom settle payments using blockchain software.