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
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