Local and international
organizations can now apply to the Innovation Testing License (ITL) Programme
of the Dubai International Financial Centre (DIFC), a special economic zone in
Dubai.
The Dubai Financial
Services Authority (DFSA), the independent regulator of financial services
conducted in or from the DIFC, announced on Friday that it has moved away from
the cohort-based application process for the ITL.
From this Friday, the
regulator said it will start accepting applications from interested firms.
The ITL, which was
launched in 2017 by the DFSA, is a licensed regulatory sandbox which enables
approved firms to test new and innovative financial products, services, and
business models in and from the DIFC.
A Regulatory Sandbox
Since its launch, the
programme has hosted 67 firms out of the 130 applicants that have applied to
join the programme.
“Starting this month,
the DFSA will move to an open window format where interested firms may apply as
soon as they are ready to test their product,” DFSA said in a statement on its
website.
The independent
regulator noted that companies willing to participate in the regulatory sandbox
must provide a clear explanation of their planned business model and the
proposed innovative product or service.
Justin Baldacchino, DFSA’s Managing Director of Supervision, noted that the change in format is testifies to the regulator’s commitment to supporting innovation in the
economic zone.
Furthermore, DFSA is
seeking to pave the way for the future of finance in DIFC, Baldacchino said.
Baldacchino explained,
“Innovation is necessary to enable companies to foster growth and discover new
opportunities with an ever-changing consumer landscape.
“The ITL programme sits
at the forefront of DFSA’s innovation agenda and serves as a platform to test
new models that have the potential to emerge as successful ventures
contributing to the financial services sector within the DIFC and Dubai.”
Dubai: A Business Hub
Dubai, the most populous city in the United Arab Emirates (UAE) and the capital of the Emirate of Dubai, is a popular tourism and business destination.
Crypto trading platform, OKX, on Thursday confirmed that the company has received a provisional virtual assets license from the Dubai Virtual Assets Regulatory Authority (VARA) to facilitate trading for qualified investors through an approved list of products and services.
Top cryptocurrency exchange, Crypto.com, also announced last month that it had gotten provisional approval for its Virtual Asset MVP License from VARA.
Crypto.com said the exchange will be issued a license under the specialized programme as soon as all mandated requirements are met.
Israeli fintech company, Rapyd, last month also opened a new office in Dubai in an effort to become the first Israeli company to be regulated in the UAE.
Additionally, FxPro, a contract for difference broker, also recently opened a new office in Dubai as part of moves to expand its global presence.
Local and international
organizations can now apply to the Innovation Testing License (ITL) Programme
of the Dubai International Financial Centre (DIFC), a special economic zone in
Dubai.
The Dubai Financial
Services Authority (DFSA), the independent regulator of financial services
conducted in or from the DIFC, announced on Friday that it has moved away from
the cohort-based application process for the ITL.
From this Friday, the
regulator said it will start accepting applications from interested firms.
The ITL, which was
launched in 2017 by the DFSA, is a licensed regulatory sandbox which enables
approved firms to test new and innovative financial products, services, and
business models in and from the DIFC.
A Regulatory Sandbox
Since its launch, the
programme has hosted 67 firms out of the 130 applicants that have applied to
join the programme.
“Starting this month,
the DFSA will move to an open window format where interested firms may apply as
soon as they are ready to test their product,” DFSA said in a statement on its
website.
The independent
regulator noted that companies willing to participate in the regulatory sandbox
must provide a clear explanation of their planned business model and the
proposed innovative product or service.
Justin Baldacchino, DFSA’s Managing Director of Supervision, noted that the change in format is testifies to the regulator’s commitment to supporting innovation in the
economic zone.
Furthermore, DFSA is
seeking to pave the way for the future of finance in DIFC, Baldacchino said.
Baldacchino explained,
“Innovation is necessary to enable companies to foster growth and discover new
opportunities with an ever-changing consumer landscape.
“The ITL programme sits
at the forefront of DFSA’s innovation agenda and serves as a platform to test
new models that have the potential to emerge as successful ventures
contributing to the financial services sector within the DIFC and Dubai.”
Dubai: A Business Hub
Dubai, the most populous city in the United Arab Emirates (UAE) and the capital of the Emirate of Dubai, is a popular tourism and business destination.
Crypto trading platform, OKX, on Thursday confirmed that the company has received a provisional virtual assets license from the Dubai Virtual Assets Regulatory Authority (VARA) to facilitate trading for qualified investors through an approved list of products and services.
Top cryptocurrency exchange, Crypto.com, also announced last month that it had gotten provisional approval for its Virtual Asset MVP License from VARA.
Crypto.com said the exchange will be issued a license under the specialized programme as soon as all mandated requirements are met.
Israeli fintech company, Rapyd, last month also opened a new office in Dubai in an effort to become the first Israeli company to be regulated in the UAE.
Additionally, FxPro, a contract for difference broker, also recently opened a new office in Dubai as part of moves to expand its global presence.
