Dubai Financial Services Authority has recently announced the launch of its Innovation Testing Licence (ITL).
The ITL will ease regulatory requirements for firms that provide financial technology services in the region, allowing qualifying firms to develop and test innovative concepts from within the Dubai International Financial Centre (DIFC).
Firms under the new licence will not be subject to all the regulatory requirements that normally apply to regulated financial firms. The purpose of the licence is to facilitate innovations in financial technology in a safe environment and create an innovation-friendly ecosystem aligned with the National Innovation Strategy.
With this licence, international FinTech companies will be able to come to Dubai and test their digital innovations in the region. Increasing the number of financial technology solutions in the region.
This is good news for financial institutions in the region, as they will have a wide array of technologies to choose from when implementing financial technologies. Financial enterprises in the region, now more than ever, understand the need to implement financial technologies, and no longer see financial technology firms as threats but as collaborators in improving operational efficiency.
Abu Dhabi Global Market (ADGM), the financial regulatory authority in Abu Dhabi, also launched a similar sandbox program known as RegLab to foster digital innovation in the financial services sector.
On October 30, 2017, Naseba is hosting the 2ND FINTECH SUMMIT to facilitate one-to-one business between financial technology solution providers and BFSI enterprises looking to invest in financial technologies.
For more information on the summit and enterprise financial technology in the region, fill the form below:
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