Dubai - DFSA accepts four FinTech firms
Friday, 07 05 2019, Category: Technology, Country: U.A.E
The Dubai Financial Services Authority (DFSA) accepted four FinTech firms into its 2019 Summer Innovation Testing Licence (ITL) Cohort following the evaluation of a number of applications. These four firms can now apply for an ITL, with the first batch of licences expected to be granted by the DFSA in October of this year.
Invitations to join the 2019 Summer Cohort were open to international firms, and the DFSA received expressions of interest from across the world, spanning a range of innovative, tech-driven products and solutions covering a range of business models. The successful firms intend to engage in equity crowdfunding with tokenisation of the equities, the operation of a blockchain-enabled property crowdfunding platform, and the facilitation of blockchain-enabled supply chain financing.
The DFSA ITL Programme enables firms to test FinTech solutions in and from the Dubai International Financial Centre (DIFC) and provides them with temporary flexibility to test and develop concepts within a restricted regulatory environment.