The Dubai Financial Services Authority (DFSA) has announced that it will allow financial technology (fintech) firms to apply for a class of financial services license which is referred to as an Innovation Testing Licence (ITL).
The financial services license will enable qualified fintech firms to develop and test their innovative concepts from within the Dubai International Financial Centre (DIFC), without being subject to all the regulatory requirements that usually apply to other regulated firms. The DFSA will be working with applicants in order to understand the business proposal and establish the appropriate controls for the safety of any customers involves on a case-by-case basis.
Ian Johnston, chief executive at the DFSA, said: “Fintech is changing the landscape for financial services, providing more opportunities to seek financing and increasing financial inclusion. As regulators, it is our responsibility to provide a framework which supports the sustainable development of this industry while protecting consumers and financial stability.”
For more information, read here.