29 April 2019 — DFSA invites applications for its 2019 regulatory sandbox "Summer Cohort"
Dubai, UAE, 29 April 2019: The Dubai Financial Services Authority (DFSA) invites applications from local and international firms to apply to join the 2019 Summer Cohort. Successful Cohort applicants will then be able to apply to enter the DFSA regulatory sandbox, known as the Innovation Testing Licence Programme (ITL Programme).
The DFSA welcomes innovative FinTech firms to make applications on the DFSA's website from 1 – 31 May 2019. 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.
The DFSA ITL Programme attracts 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. The Programme enables firms to test FinTech solutions in and from the Dubai International Financial Centre (DIFC). It provides firms temporary flexibility to test and develop concepts within the test environment subject to various restrictions and modifications.
Bryan Stirewalt, Chief Executive of the DFSA, 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 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."
Further details regarding the ITL and the Cohort applications are provided on the FinTech section of the DFSA's website. Firms are urged to apply at the earliest opportunity.
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.