The Dubai Financial Services Authority (DFSA) expects to grant the first batch of Innovation Testing Licence (ITL) in March 2019.
Tuesday 08, January 2019 BY KUDAKWASHE MUZORIWA
The DFSA has accepted seven new firms into its cohort process, which permits companies to apply for an Innovation Testing Licence.
In a statement, the DFSA stated that the ITL forms part of its commitment to support innovation and the development of financial technology by enabling successful applicants to test their fintech solutions in and from the Dubai International Financial Centre (DIFC).
The DFSA received a variety of applications from firms who want to be part of this latest cohort launched in November 2018.
The applications encompassed a range of innovative, technology-driven solutions and products including green financing, the digitisation of bond and Sukuk issuances using smart contracts as well as SME funding platforms, robo-advisors for Islamic finance and the tokenisation of equities and debt issuances.
Bryan Stirewalt, Chief Executive of the DFSA, said, “I am particularly pleased by the mix of international and local candidates that have been successful and the wide range of technology solutions and products on offer, including Ethereum and Corda blockchains, artificial intelligence and algorithms and smart contracts development.”