Become A Member

To become a member of Edaa, you must meet the relevant requirements for your category.

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Pre-Requisites

To become a custody member, you must be licensed by the Capital Market Authority of Saudi Arabia.  

Refer to the CMA - Authorized Persons Regulations 

 

To become a settlement member, you must be a participating member in Saudi Arabian Riyal Interbank Express (SARIE). 

Refer to the Saudi Arabian Monetary Authority (SAMA) Regulations

Step One: Application

Assuming you meet these requirements, Edaa will appoint a Relationship Officer who will assist you through the application process. 

Applicants will need to provide the following documentation:

Custody Member

  • The completed custody membership application
  • Electronic copy of the Commercial Registration issued by Ministry of Commerce and Investment
  • Copy of the license issued by the CMA
  • Establishment legal documents, evidence of opening bank account, and capital depository certificate
  • Board of Directors details
  • Guarantee Letter

Settlement Member

  • Completed settlement membership application
  • Electronic copy of the Commercial Registration issued by Ministry of Commerce and Investment
  • Establishment legal documents, evidence of opening bank account, and capital depository certificate
  • Board of Directors details
  • Guarantee Letter

Step Two: Development & Testing

Development and testing address a members’ connectivity between their proprietary systems and/or any other applications or interfaces that require connection to Edaa’s technology infrastructure.  

Edaa will provide training to new members on the Depository System (DSS) allowing new members to test operational scenarios and ensure their readiness for final certification.

“Edaa” provides a fully functional test environment that enables a new member to prepare and test all their applications and connections.

Step Three: Preparation for Membership

Following the completion of business and technical requirements, Edaa will undertake the following:

  • Security Audit: new members are required to conduct a third-party security audit. This audit can commence during the preparation phase.
  • Site Visit: following the successful completion of the Clearing and Settlement System certification, Edaa representatives will conduct a physical check of the member’s site.
  • Sign-off Document: following completion of all the certification related activities; new members must confirm their readiness to launch their business by signing the “Sign-Off” document. The purpose of the “Sign-Off” document is to receive formal confirmation from the member to go live.

Step Four: Go Live

With the steps above completed, you are now an official Edaa member and can enjoy Edaa’s state-of-the-art technology and innovative services. To find out more or start your application process, get in touch with our experts.

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Get in touch with our experts

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