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.
Related Links
Keywords: Middle East and Africa, United Arab Emirates, Dubai, Banking, Regulatory Sandbox, Innovation Testing License, Fintech, Regtech, DIFC, Dubai FSA
Previous Article
Bundesbank Publishes Circular on AnaCredit Reporting RequirementsRelated Articles
EU Agencies Update LCR Rule and Macro-Prudential Policy Recommendation
The European Commission (EC) published the Delegated Regulation 2022/786 with regard to the liquidity coverage requirements for credit institutions under the Capital Requirements Regulation (CRR).
EBA Publishes Regulatory Standards to Identify Shadow Banking Entities
The European Banking Authority (EBA) published the final draft regulatory technical standards specifying the criteria to identify shadow banking entities for the purposes of reporting large exposures.
OSFI Discusses Benchmark Rate Transition, Sets Out Work Priorities
The Office of the Superintendent of Financial Institutions (OSFI) published the strategic plan for 2022-2025 and the departmental plan for 2022-23.
EBA Proposes Standards to Support Secondary NPL Markets
The European Banking Authority (EBA) is consulting, until August 31, 2022, on the draft implementing technical standards specifying requirements for the information that sellers of non-performing loans (NPLs) shall provide to prospective buyers.
EU Confirms Agreement on Rules on Cybersecurity and Banking Resolution
The European Council and the Parliament reached an agreement on the revised Directive on security of network and information systems (NIS2 Directive).
EBA Issues Standards for Crowdfunding Service Providers Under ECSPR
The European Banking Authority (EBA) published the final draft regulatory technical standards specifying information that crowdfunding service providers shall provide to investors on the calculation of credit scores and prices of crowdfunding offers.
EU to Amend Credit Risk Adjustment Rules; ESAs Submit Queries on SFDR
The European Council published a draft Commission Delegated Regulation to amend the regulatory technical standards on specification of the calculation of specific and general credit risk adjustments.
EU Confirms Agreement on Rules on Cybersecurity and Banking Resolution
The European Securities and Markets Authority (ESMA) published a paper that examines the systemic risk posed by increasing use of cloud services, along with the potential policy options to mitigate this risk.
MAS Amends Notice 635 and Issues Second Proposal on Green Taxonomy
The Monetary Authority of Singapore (MAS) published amendments to Notice 635, which sets out requirements that a bank in Singapore has to comply with when granting an unsecured non-card credit facility to individuals.
EC Consults on PSD2 and Open Finance; EU Reaches Agreement on DORA
The European Commission (EC) published a public consultation on the review of revised payment services directive (PSD2) and open finance.
