As Part of Fintech Push, Dubai Plans To Open Up Crowdfunding Platforms

Forbes reported that DIFC, the regulator of offshore financial hub the Dubai International Financial Centre (DIFC), is preparing to license loan-based crowdfunding platforms for the first time.

The Dubai Financial Services Authority (DFSA) has begun a consultation process on its proposed framework for the sector, which is also sometimes known as peer-to-peer lending. The consultation, which was launched on January 31, is the first in what is promised to be a series of initiatives covering crowdfunding and the financial technology (fintech) industry more broadly.

The consultation highlights the importance the Gulf countries are giving to develop next-generation financial services. In Bahrain, the authorities are also trying to encourage the development of fintech companies.

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