The Dubai Financial Services Authority (DFSA) has published its new financial technology (fintech) consultation paper. The paper is the third in a series, setting out the DFSA’s approach to the regulation of pioneering fintech activities. The paper sets out the DFSA’s approach to FinTech firms that want to test innovative products and services in the Dubai International Financial Centre (DIFC). Firms meeting the qualifying criteria will receive a Financial Services Licence, referred to as an Innovation Testing Licence. The testing phase is a step towards the FinTech firm obtaining a full Financial Services Licence.
The Dubai Financial Services Authority (DFSA) issued a warning about scams which have cloned firms registered in the Dubai International Financial Centre (DIFC). The scammers use the names, the registration numbers, and the addresses and contact details of genuine firms registered in the DIFC to create false websites. The purpose of the creation of these false websites is to facilitate advanced fee scams by adding legitimacy to the scam.
The Cayman Islands Monetary Authority and the Dubai Financial Services Authority made an understanding through a memorandum of understanding. The MOU was signed by Cindy Scotland, CIMA’s Managing Director.
This MOU adds to a list of other 20 existing MOUs and will help the cooperation and the exchange of information between the organisations.