Fintech Testing Licence Made Available To Firms In Dubai

Businesses developing financial technology (fintech) products and services have been given the opportunity to operate under a light-touch regulatory regime in Dubai by the city state's financial services regulator.

The Dubai Financial Services Authority (DFSA) said the move, which will see successful applicants operate under an 'innovation testing licence' for between six months and a year, or potentially for longer in "exceptional cases", is designed to "foster innovation in Dubai".

"The restricted financial services licence will allow qualifying fintech firms to develop and test innovative concepts from within the Dubai International Financial Centre (DIFC), without being subject to all the regulatory requirements that normally apply to regulated firms," the DFSA said. "The DFSA will work with applicants to understand the business proposal and establish the appropriate controls for the safety of any customers involved, on a case-by-case basis."