Existing Authorised Firms that wish to test Fintech

26. If an existing Authorised Firm wishes to test an innovative Fintech proposal, it will not need to apply for a Licence. Instead, if it has authorisation for the activity it wishes to carry on, it may carry on the activity. Alternatively, if it does not have the relevant authorisation for the activity, it will need to apply to amend its Licence to obtain that authorisation.
27. If the Authorised Firm considers that there are Rules that are not appropriate or are disproportionate to the testing of its Fintech proposal, it can apply to the DFSA for a waiver or modification of the Rules. Again, if the DFSA grants waivers or modifications, it will do so only for a finite period (the period during which testing is to take place).
28. An Authorised Firm that wishes to test an innovative Fintech proposal should discuss its proposal with the DFSA at an early stage.
Derived from DFSA GMI11/2017 (Made 24th May 2017) [VER39/05-17]