Dubai Financial Services Authority (DFSA) has decided to allow fintech firms to apply for a restricted financial services license to foster innovation in Dubai.
Referred to as Innovation Testing Licence (ITL), the licence will permit qualifying firms to develop and test new concepts just as any regulated firm can do.
Go deeper with GlobalData
The DFSA noted that it will work with applicants to understand the business proposal and establish the appropriate controls for the safety of any customers involved.
The licence will be valid only for six to 12 months but in exceptional cases, the regulator may consider extending the duration.
Commenting on the move, DFSA chief executive Ian Johnston said: “As regulators, it is our responsibility to provide a framework which supports the sustainable development of this industry while protecting consumers and financial stability.”
“Our efforts to develop a regulatory framework that promotes growth and innovation, while protecting financial stability and consumers, is part of our contribution to Dubai’s greater vision of becoming an information-based society and a smart city.” Johnston added.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalData
