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Dubai Financial Services Authority (DFSA): Contents

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  Versions
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May 24 2017 onwards

Authorisation



Whole Section PDF

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.

7. If a Fintech business involves an activity that is a Financial ServiceG in the DIFCG , and the Fintech Operator is not an Authorised FirmG , it will need to obtain a LicenceG before it can start testing its product or service. The DFSA will assist an operator to identify what Financial Service it may be carrying on. If the Fintech Operator is already an Authorised FirmG , it should refer to the GuidanceG in paragraphs 26 to 28. If a Fintech business does not involve a Financial ServiceG , a DFSA Licence will not be required to test or carry on the business in the DIFCG (although other DIFC approvals may still be needed).
8. An applicant will need to satisfy the requirements in GEN chapter 7 to be authorised. For example, it will need to demonstrate that it is fit and proper and has adequate resources. In assessing the application, the DFSA, where appropriate, will take into account the limited nature of the authorisation that is being sought, that the business is only at a testing stage and the simplified regulatory requirements that are, therefore, likely to apply.
9. The DFSA may also consider if it is appropriate to grant relief from certain prudential requirements (i.e. PIB or PIN Rules) or corporate governance arrangements, for example, taking into account that management control of a new Fintech business usually lies with one or two individuals.
Derived from DFSA GMI11/2017 (Made 24th May 2017) [VER39/05-17]