Dubai FSA Invites Regulatory Sandbox Applications for Summer Cohort
The Dubai FSA is inviting applications from local and international companies to apply to join its 2020 Summer Cohort. Successful cohort applicants will be invited to apply to enter the Dubai FSA version of the regulatory sandbox, known as the Innovation Testing License or ITL.
The DFSA welcomes innovative technology-driven companies to apply through its website between May 01 and May 31. Firms must provide a clear explanation of their planned business model and the proposed innovative product or service. Dubai FSA will announce applicants accepted into the Summer Cohort on June 16, after which it will invite the applicants to submit an Innovation Testing License application by July 26.
Since the inception of the Innovation Testing License in 2017, Dubai FSA has accepted 25 companies into the cohort process, representing diverse business models from across the world. These have included digital Sukuk issuances using smart contracts, tokenized securities and debt offerings, tokenized crowdfunding, SME lending platforms, and the use of artificial intelligence in credit analysis. The Innovation Testing License enables companies to test innovative solutions in and from the Dubai International Financial Center. It provides companies with temporary relaxation of a limited set of regulatory requirements to test and develop concepts within the test environment.
Related Links
Keywords: Middle East and Africa, United Arab Emirates, Dubai, Banking, Insurance, Securities, Innovation Testing License, Regulatory Sandbox, Fintech, Regtech, Dubai FSA
Related Articles
ECB Amends Guideline on Temporary Collateral Easing Measures
ECB published Guideline 2021/975, which amends Guideline ECB/2014/31, on the additional temporary measures relating to Eurosystem refinancing operations and eligibility of collateral.
EIOPA Releases Report on Artificial Intelligence Governance Principles
EIOPA published a report, from the Consultative Expert Group on Digital Ethics, that sets out artificial intelligence governance principles for an ethical and trustworthy artificial intelligence in the insurance sector in EU.
HKMA to Increase Focus on Suptech and Regtech Cloud Adoption
HKMA published the seventh and final issue of the Regtech Watch series, which outlines the three-year roadmap of HKMA to integrate supervisory technology, or suptech, into its processes.
EC Consults on Improving Transparency in Secondary Markets for NPLs
EC launched a targeted consultation to improve transparency and efficiency in the secondary markets for nonperforming loans (NPLs).
BIS and Nordic Central Banks Launch Innovation Hub in Stockholm
BIS, Danmarks Nationalbank, Central Bank of Iceland, Norges Bank, and Sveriges Riksbank launched an Innovation Hub in Stockholm, making this the fifth BIS Innovation Hub Center to be opened in the past two years.
FDIC Tech Sprint Aims to Explore Technologies to Reach Unbanked
FDITECH, the technology lab of FDIC, announced a tech sprint that is designed to explore new technologies and techniques that would help expand the capabilities of community banks to meet the needs of unbanked individuals and households.
EC Releases Sustainable Finance Taxonomy Compass
EC released the EU Taxonomy Compass, which visually represents the contents of the EU Taxonomy starting with the EU Taxonomy Climate Delegated Act.
FDIC Proposes Amendments to Real Estate Lending Standards
FDIC is seeking comments on a rule to amend the interagency guidelines for real estate lending policies—also known as the Real Estate Lending Standards.
EIOPA to Consider Liquidity Risk in Stress Test for 2021
EIOPA published its annual report, which sets out the work done in 2020 and indicates the planned work areas for the coming months.
ESRB Paper Discusses Measurement of Impact of Bank Failure via Lending
The ESRB paper that presents an analytical framework that assesses and quantifies the potential impact of a bank failure on the real economy through the lending function.
