Dubai FSA Opens Applications for Regulatory Sandbox
The Dubai Financial Services Authority (Dubai FSA) invites local and international firms to apply to join the next cohort for its Innovation Testing License Program, which is the DFSA's version of a regulatory sandbox. The cohort will be open to applicants from July 01, 2021 to July 31, 2021. Successful cohort applicants will be invited to apply to enter the Innovation Testing License (ITL) Program of Dubai FSA.
Launched in 2017, the Innovation Testing License Program is a licensed regulatory sandbox that enables approved firms to test new and innovative financial products, services, and business models in and from the Dubai International Financial Centre (DIFC) within a restricted regulatory environment. Firms must provide a clear explanation of their planned business model and the proposed innovative product or service. The program reflects the Dubai FSA’s continued commitment to new and emerging technologies in the DIFC. Since the May 2017 launch of the Innovation Testing License Program, a total of 105 companies have applied to enter the program and 51 applicants have been accepted into the program. At present, 5 firms are operating in the Innovation Testing License Program, 3 firms have successfully completed and exited the program, and 7 firms have an In-Principal approval.
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Keywords: Middle East and Africa, United Arab Emirates, Dubai, Banking, Regulatory Sandbox, Innovation Testing License, Fintech, Regtech, DIFC, Dubai FSA
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