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Dubai Financial Services Authority (DFSA): Contents

Dubai Financial Services Authority (DFSA)
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(1 version)
May 24 2017 onwards

Fintech businesses that can use this approach

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The definitive version of DFSA handbook text is the PDF version as that is the text of the instrument as made and published by the DFSA.

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4. To be considered for this facilitative approach, a business should meet the following criteria:
(a) it must involve the use of innovative Fintech, by offering a new type of product or service or applying innovative Fintech to an existing product or service;
(b) it must involve an activity that, if carried on in or from the DIFCG , is a Financial ServiceG (i.e. it is within the scope of the activities that the DFSA regulates);
(c) the Fintech Operator must be ready to start live-testing of its Fintech business with customers; and
(d) the Fintech Operator must intend to roll-out its Fintech business on a broader scale in or from the DIFC onceG it has successfully completed testing.
5. In assessing if a business involves innovative Fintech, the DFSA will consider if the product or service uses new or emerging technology or uses technology in an innovative way and also if it addresses a problem or brings potential benefits to consumers or industry. That is, the Fintech Operator must be able to demonstrate that the business uses innovative Fintech.
6. The DFSA will also assess the stage of development of the product or service to check that it is ready to start-live testing with customers. If a Fintech proposal is only at a conceptual stage and not yet ready to start testing, then it is unlikely a LicenceG will be required as no Financial Service is being carried on. By contrast, if the Fintech business is already fully operational, then the Fintech Operator should apply for a LicenceG under the normal application processes (and not in accordance with this GuidanceG ).
Derived from DFSA GMI11/2017 (Made 24th May 2017) [VER39/05-17]