Dubai FSA is inviting applications from local and international firms to apply to join the 2020 regulatory sandbox Winter cohort. Firms must provide a clear explanation of their planned business model and the proposed innovative product or service. Firms can apply between November 01, 2019 and November 30, 2019. Firms accepted into the Winter Cohort will be announced on December 16, after which they are required to submit an Innovation Testing License (ITL) application by January 17, 2020.
The ITL Program enables firms to test innovative solutions in and from the Dubai International Financial Center or DIFC. Since the inception of the ITL Program in 2017, Dubai FSA has accepted 20 companies into the cohort process, representing diverse business models from across the world. Such diverse business models included digital Sukuk issuances using smart contracts, tokenized securities and debt offerings, tokenized crowdfunding, and the use of artificial intelligence in credit analysis. The program provides firms with temporary flexibility to test and develop concepts within a test environment without being subject to the full suite of regulatory requirements that normally apply to regulated firms.
Related Link: Press Release
Keywords: Middle East and Africa, Dubai, Banking, Artificial Intelligence, Fintech, Regulatory Sandbox, Regtech, Dubai FSA
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