25 June 2019 — DFSA's role in supporting global FinTech innovation highlighted in the first GFiN Report
Dubai, UAE; 25 June, 2019: Today the Global Financial Innovation Network (GFiN) published a report highlighting the efforts of the international community of regulators, including the Dubai Financial Services Authority (DFSA), in driving global FinTech innovation and cross-border testing of innovative ideas.
Titled "GFiN – One Year On", the report details the GFiN's many activities over the past year, the challenges it has faced, achievements, and its ambitions for the future.
The GFiN is a network of international regulators and related organisations committed to supporting financial innovation, and to creating a framework for co-operation between regulators to share experiences and approaches to innovation. As of June 2019, the GFiN has 35 financial services regulators with full membership status and seven Observers, including the IMF and the World Bank, from a total of 21 jurisdictions. As a founding member, and a member of the GFiN Coordination Group, the DFSA supports the Network's mission of advancing financial integrity, consumer protection, financial inclusion, and financial stability, through innovation in the sector.
Bryan Stirewalt, Chief Executive of the DFSA, said: "As part of the GFiN, we have the opportunity to collaborate with many global regulators, and to help achieve the UAE's vision of establishing Dubai as a global FinTech hub, while also leveraging the advances in technology to enhance regulatory standards and compliance by firms, and to help build a more robust financial environment that welcomes and protects investors."
At the beginning of February, the DFSA announced its participation in GFiN's cross-border test pilot programme [http://dfsa.ae/MediaRelease/News/DFSA-to-Participate-in-Cross-Border-Testing-as-par]. GFiN members received 44 applications, globally for the pilot, a significant number of which were from Regulatory Technology (RegTech) companies. Eight of the 44 applications passed the initial screening process. The DFSA received six of the 44 applications, with two RegTech applicants - Ascent RegTech and Starling Trust - being considered for the cross-border pilot.
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For further information please contact:
Dubai Financial Services Authority
Level 13, The Gate, West Wing
Tel: +971 (0)4 362 1613
The Dubai Financial Services Authority (DFSA) is the independent regulator of financial services conducted in or from the Dubai International Financial Centre (DIFC), a purpose-built financial free-zone in Dubai. The DFSA's regulatory mandate covers asset management, banking and credit services, securities, collective investment funds, custody and trust services, commodities futures trading, Islamic finance, insurance, an international equities exchange and an international commodities derivatives exchange. In addition to regulating financial and related services, the DFSA is responsible for administering Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) legislation that applies to financial institutions and Designated Non-Financial Businesses and Professions (DNFBPS) in the DIFC. Please refer to the DFSA's website for more information.
Bryan Stirewalt was appointed Chief Executive of the DFSA on 1 October 2018, after nearly 8 years as the DFSA's Managing Director of the Supervision Division. In his role as Chief Executive, Bryan will take the lead in steering the work of the DFSA and further developing its capability as a robust regulator delivering world-class financial regulation in the DIFC. Bryan has played a vital part in executing the DFSA's regulatory mandate and developing its risk-based supervision framework. Bryan plays an active role in supporting the work of international standard-setting bodies. He now serves as the Co-Chair of the Basel Consultative Group (BCG), which provides a forum for deepening the Basel Committee on Banking Supervision's engagement with non-member, global supervisors on banking supervisory issues. Through this role, Bryan also serves as an Observer at the Basel Committee on Banking Supervision.