The Dubai Financial Services Authority (“DFSA”) is pleased to announce the launch of the next phase of the Global Financial Innovation Network (“GFIN”). The GFIN – a group of 29 international organizations including the DFSA – is inviting applications from firms looking to take part in a testing pilot for innovative financial products, services or business models across more than one jurisdiction.
This pilot cross-border testing follows last year’s consultation on the GFIN that garnered positive feedback for creating an environment that allows firms to simultaneously try and scale new technologies across multiple jurisdictions.
This pilot is as much a trial for GFIN members as it will be for firms that stand to benefit from the opportunity to test and compete in the regulated space, thereby helping inform the future work of the network.
Bryan Stirewalt, Chief Executive of the DFSA, said: “The DFSA is proud to have been a founding member of the GFIN and have the opportunity to be a part of the GFIN Coordination Group, which sets the strategic direction for GFIN on a wider scale. The GFIN initiative is an excellent example of the importance, and success, of collaboration across different jurisdictions. This type of cross-border cooperation is particularly important in the field of financial innovation and reflects the DFSA’s commitment to international standards, global best practice and support for innovation in the DIFC, in the UAE, and across the region.”
Firms interested in applying to take part in the pilot cross-border testing should review the list of participating regulators – available on the DFSA FinTech website – and submit an application to the DFSA before the 28 February 2019 deadline. Firms must meet the eligibility requirements of all the jurisdictions in which they would like to test. In the DIFC, firms would have to meet the eligibility requirements for the DFSA’s Innovation Testing Licence.
Michael Armstrong FCA, ICAEW Regional Director for the Middle East, Africa and South Asia (MEASA) recently said about UAE's non-oil growth:
"Changes, driven by a range of factors, but most significantly technology, will transform all aspects of business and society in the coming years."
“Dubai is investing in innovative thinking, such as the planned transformation of public and private universities into free zones that allow students to carry out business and creative activities, and the establishment of the first virtual commercial city in the region. This makes it clear Dubai is embracing digital transformation. These measures, alongside the development of DIFC 2.0, a move that further supports growth for the regional financial services landscape, will definitely facilitate Dubai’s journey towards unparalleled achievement and success.”
The Dubai Financial Services Authority (DFSA) is the independent regulator of financial services conducted in or from the Dubai International Financial Centre (DIFC), a purpose-built financial free-zone in Dubai.
The Global Financial Innovation Network (GFIN) emerged from efforts by an international group of financial regulators, and related organizations, to explore the feasibility of a global sandbox to foster Financial Technology (“FinTech”) innovation.