Dubai FSA accepted four fintech firms into its 2019 Summer Innovation Testing License (ITL) Cohort, following the evaluation of a number of applications. These four firms can now apply for an ITL, with the first batch of licenses expected to be granted in October 2019. The next opportunity to apply to participate in a cohort will be in November 2019.
Invitations to join the 2019 Summer Cohort were open to international firms and DFSA received expressions of interest from across the world, spanning a range of innovative, technology driven products and solutions covering a range of business models. The successful firms intend to engage in equity crowdfunding with tokenization of equities, the operation of a blockchain-enabled property crowdfunding platform, and the facilitation of blockchain-enabled supply chain financing. The DFSA ITL Program enables firms to test fintech solutions in and from the Dubai International Financial Center (DIFC) and provides them with temporary flexibility to test and develop concepts within a restricted regulatory environment. The Dubai FSA offers two cohorts each year for firms to express interest in the ITL program.
Keywords: Middle East and Africa, United Arab Emirates, Dubai, Banking, Insurance, Securities, Fintech, Regtech, Innovation Testing License, Dubai FSA
In a letter addressed to the industry, the Australian Prudential Regulation Authority (APRA) set out an updated schedule of policy priorities for the banking, insurance, and superannuation industries.
The European Commission (EC) adopted a comprehensive review package of Solvency II rules in the European Union.
The Office of the Comptroller of the Currency (OCC) issued Versions 1.0 of the "Earnings" and "Regulatory Reporting" booklets of the Comptroller's Handbook.
The European Central Bank (ECB) published results of its economy-wide climate stress test, which aimed to assess the resilience of non-financial corporates and euro area banks to climate risks.
The European Banking Authority (EBA) published a report on the use of digital platforms in the banking and payments sector in European Union.
The Hong Kong Monetary Authority (HKMA) published updates on the policy measures that were announced in context of the ongoing pandemic.
The International Swaps and Derivatives Association (ISDA), along with several other associations, submitted a joint response to the Basel Committee on Banking Supervision (BCBS) consultation on preliminary proposals for the prudential treatment of cryptoasset exposures.
BIS published the September issue of the Quarterly Review, which contains special features that analyze the rapid rise in equity funding for financial technology firms, the effectiveness of policy measures in response to pandemic, and the evolution of international banking.
The Basel Committee for Banking Supervision (BCBS) met in September 2021 and reviewed climate-related financial risks, discussed impact of digitalization, and welcomed efforts by the International Financial Reporting Standards (IFRS) Foundation to develop a common set of sustainability reporting standards
The Office of the Comptroller of the Currency (OCC) issued a Cease and Desist Order against MUFG Union Bank for deficiencies in technology and operational risk governance.