On March 6, Finextra reported on The Dubai Financial Services Authority (DFSA)’s announcement of the release of the third paper in a new FinTech consultation publication that lays out the DFSA’s approach to the regulation of pioneering financial technology (FinTech) activities.
“Firms meeting the qualifying criteria will receive a Financial Services Licence, referred to as an Innovation Testing Licence, which reflects the nature of the activities to be conducted during the testing phase. The DFSA will put in place limits on the FinTech testing activities to ensure appropriate controls for the safety of any customers involved,” the article mentioned.
The DFSA aims to provide the regulatory infrastructure to support the sustainable development of FinTech in the DIFC. Earlier this year the DFSA launched two consultations which proposed frameworks for the regulation of loan-based and investment-based crowdfunding platforms.
The DFSA’s consultations follow the launch of the FinTtech Hive Accelerator programme in January 2017 by the DIFC, the first accelerator programme in the GCC region.
For more details, read https://www.finextra.com/pressarticle/68319/dubai-financial-services-authority-sets-out-fintech-vision/retail