7. If a Fintech business involves an activity that is a Financial Service in the DIFC, and the Fintech Operator is not an Authorised Firm, it will need to obtain a Licence before it can start testing its product or service. The DFSA will assist an operator to identify what Financial Service it may be carrying on. If the Fintech Operator is already an Authorised Firm, it should refer to the Guidance in paragraphs 26 to 28. If a Fintech business does not involve a Financial Service, a DFSA Licence will not be required to test or carry on the business in the DIFC (although other DIFC approvals may still be needed).
8. An applicant will need to satisfy the requirements in GEN chapter 7 to be authorised. For example, it will need to demonstrate that it is fit and proper and has adequate resources. In assessing the application, the DFSA, where appropriate, will take into account the limited nature of the authorisation that is being sought, that the business is only at a testing stage and the simplified regulatory requirements that are, therefore, likely to apply.
9. The DFSA may also consider if it is appropriate to grant relief from certain prudential requirements (i.e. PIB or PIN Rules) or corporate governance arrangements, for example, taking into account that management control of a new Fintech business usually lies with one or two individuals.
Derived from DFSA GMI11/2017 (Made 24th May 2017) [VER39/05-17]