The Dubai Financial Services Authority (Dubai FSA) increases its focus on addressing cyber risk as it hosted the Cyber Risk Forum in November 2021 to raise awareness about cyber risks and promote cybersecurity maturity among companies operating in, or from, the Dubai International Financial Center (DIFC). The Authority also announced the launch of the Task Force on Sustainable Finance in DIFC. Comprising members from 12 DIFC-based entities, the Taskforce aims to drive forward discussions on sustainable finance in the DIFC, with the aim of supporting the consistent application and adoption of global regulatory standards relating to sustainable finance in the DIFC.
Sustainability forms a key area of regulatory focus for DFSA, which is actively involved in numerous sustainability-orientated regulatory groups, including the Network for Greening the Financial System (NGFS), the Sustainable Insurance Forum (SIF), and the UAE Working Group on Sustainable Finance. In launching the Taskforce in the DIFC, DFSA aims to harness its own involvement in global forums and the global experience of DIFC firms to bring global best-practice to the development of sustainable finance in the DIFC. Representatives from Blackrock, Credit Agricole Corporate and Investment Bank, HSBC Bank Middle East Limited, Lloyd’s of London, Moody's Investors Service Middle East Limited, Natixis, PwC, Standard Chartered Bank, Sumitomo Mitsui Banking Corporation, and Zurich Insurance Company Ltd attended the meeting. The initiative is supported by the Dubai International Financial Center Authority and The General Secretariat of the Executive Council of Dubai. The Taskforce is expected to next meet in January to discuss the next steps and how the work could be progressed through dedicated workstreams.
Keywords: Middle East and Africa, United Arab Emirates, Dubai, Banking, Sustainable Finance, ESG, Cyber Risk, Cyber Risk Forum, DIFC, Taskforce, Dubai FSA
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