The Dubai Financial Services Authority (Dubai FSA) announced that it will accept applications from local and international firms interested to join its Innovation Testing License Program. Dubai FSA published a consultation paper that proposes to make a number of amendments to the policy framework of the Dubai FSA.
Below are the key highlights of the recent updates:
- Launched in 2017, the Innovation Testing License is a licensed regulatory sandbox that enables approved firms to test new and innovative financial products, services, and business models in and from the Dubai International Financial Centre (DIFC). Previously, DFSA accepted applications via cohort process. Starting in July 2022, DFSA will move to an open window format where interested firms may apply as soon as they are ready to test their product. Firms must provide a clear explanation of their planned business model and the proposed innovative product or service. The Innovation Testing License program reflects the Dubai FSA’s continued commitment to new and emerging technologies in DIFC. Since its inception in 2017, a total of 130 companies have applied to enter the program and 67 applicants have been accepted into the program.
- The consultation paper sets out draft amendments to different modules of Dubai FSA Rulebook, including General Module, Prudential Investment, Insurance Intermediation and Banking Module, and Markets Module. It also sets out draft amendments to Prudential Returns Module of the Dubai FSA Sourcebook. The policy proposals in the consultation paper will result in changes to the Dubai FSA Rulebook. The deadline for providing comments on this consultation is September 14, 2022.
- Press Release on Innovation Testing License Program
- Notification on Consultation Paper
- Consultation Paper (PDF)
Keywords: Middle East and Africa, UAE, Dubai, Innovation Testing License, Regulatory Sandbox, Regtech, Fintech, Rulebook, Sourcebook, Prudential Returns, DIFC, Dubai FSA
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