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.
Keywords: Middle East and Africa, United Arab Emirates, Dubai, Banking, Insurance, Securities, Innovation Testing License, Regulatory Sandbox, Fintech, Regtech, Dubai FSA
Previous ArticleNBB Announces COVID-19 Relief Measures for Banks and Insurers
HKMA is consulting on revisions to the Supervisory Policy Manual module CR-G-14 on margin and other risk mitigation standards for non-centrally cleared over-the-counter (OTC) derivatives transactions.
PRA provided further information on the application of regulatory capital and IFRS 9 requirements to payment holidays granted or extended to address the challenges arising from COVID-19 outbreak.
HKMA announced the publication of a report on fintech adoption and innovation in the banking industry in Hong Kong.
BIS published a working paper that examines the drivers of cyber risk, especially in context of the cloud services.
ECB launched consultation on a guide specifying how the Banking Supervision expects banks to consider climate-related and environmental risks in their governance and risk management frameworks and when formulating and implementing their business strategy.
ECB published an opinion (CON/2020/16) on amendments to the prudential framework in EU in response to the COVID-19 pandemic.
EBA published a report that examines the interlinkages between recovery and resolution planning under the Bank Recovery and Resolution Directive (BRRD).
SRB published the final Minimum Requirements for Own Funds and Eligible Liabilities (MREL) policy under the Banking Package.
US Agencies (FDIC, FED, and OCC) published a final rule that makes technical changes to the March 31, 2020 interim final rule that provides a five-year transition period for the impact of the current expected credit loss (CECL) methodology on regulatory capital.
ECB published results of the March 2020 survey on credit terms and conditions in euro-denominated securities financing and over-the-counter (OTC) derivatives markets.