The Dubai Financial Services Authority (“DFSA”) is pleased to announce that round two of the cohort process, which enables companies to apply for an Innovation Testing Licence (“ITL"), is set to open shortly.
Interested firms, locally-based or international, are encouraged to apply online to be part of the cohort through the DFSA website between 1 and 30 November, 2018.
The cohort system was developed in response to the positive responses generated by the ITL programme and is a prerequisite for firms to be able to apply for an ITL. Going forward, there will be two open cohorts per year, in which applicants for the cohort should provide the DFSA with a clear understanding of their business model and proposed innovation.
A list of the firms that have been accepted into the cohort will be finalised on December 16, after which they may submit an ITL application by 17 January 2018. Online submission links will only be active during these dates; therefore, firms are encouraged to put together their submission forms at the earliest. The DFSA will also be launching a FAQ section on their website setting out key information related to the ITL programme and cohort application.
Bryan Stirewalt, Chief Executive of the DFSA, said “The industry’s response to the ITL programme has been overwhelmingly positive as demonstrated by the volume of applications received since its launch. Its value and the overall attractiveness of DIFC’s FinTech environment is clear in the eyes of our stakeholders. Therefore, we will continue to evaluate the programme and improve it as we move forward, to ensure it remains useful and serves the purpose it is designed for efficiently. We look forward to welcoming applications from innovative FinTech firms.”
The ITL programme, which was first introduced in May 2017, works by enabling firms to test FinTech solutions in or from the Dubai International Financial Centre (“DIFC”). As part of the DFSA’s strategy to foster an innovation-friendly ecosystem, the programme’s core benefit lies in allowing companies to apply for a restricted financial services licence that provides the flexibility to test and develop their concepts without being subject to the full regulatory requirements that normally apply to regulated firms.