News Middle East05 May 2019

UAE:DFSA opens applications for its regulatory sandbox summer cohort

| 05 May 2019

The DFSA is inviting local and international FinTech firms to apply for its 2019 regulatory sandbox summer cohort. Applications can be made on the DFSA website from now to 31 May 2019.

Successful applicants will be able to enter DFSA’s Innovation Testing Licence (ITL) Programme, which enables firms to test FinTech solutions in and from the DIFC. It provides firms temporary flexibility to test and develop concepts within the test environment subject to various restrictions and modifications.

The programme has attracted a wide variety of firms, representing diverse business models from across the world. FinTech firms from earlier cohorts included those testing the digitisation of sukuk issuance using smart contracts and the tokenisation of equities and debt.

Firms must provide a clear explanation of the business model and the proposed innovative product or service. Firms accepted into the 2019 summer cohort will be announced on 16 June, after which they may submit their ITL applications by 25 July 2019.

DFSA chief executive Bryan Stirewalt said, “The DFSA is committed to fostering and supporting a culture of innovation in the DIFC via the ITL programme. Now in its third year, interest in the programme has grown and it has attracted a diverse range of business models from local and international applicants. The ITL serves as a platform to test new models that have the potential to emerge as successful ventures that contribute to the financial services sector in Dubai and the UAE. We welcome applications from FinTech firms that are ready to test their business models.”

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