The Dubai Financial Services Authority (DFSA) invites local and international firms to apply to join the next cohort for its Innovation Testing Licence (ITL) Programme. The cohort will be open to applicants from 1^st to 31^st July. Successful cohort applicants will be invited to apply to enter the DFSA’s Innovation Testing Licence (ITL) Programme.

Launched in 2017, the ITL is a licensed regulatory sandbox which enables approved firms to test new and innovative financial products, services, and business models in and from the Dubai International Financial Centre (DIFC) within a restricted regulatory environment. Firms must provide a clear explanation of their planned business model and the proposed innovative product or service.

Bryan Stirewalt, Chief Executive of the DFSA said: “Innovation brings a promise of increased competition, financial inclusion, improved consumer choice, and new products and services which are more efficient or beneficial. As the need for these solutions increases, so does the need for trusted solution providers. The ITL Programme enables a direct testing environment for these innovative products, services and business models, pursuant to a testing plan. Operating within the framework of a sandbox can reduce regulatory uncertainties and provide clarification on regulatory and supervisory expectations. We look forward to receiving a fresh batch of applications for technology driven companies with unique solutions.”

The programme reflects the DFSA’s continued commitment to new and emerging technologies in the DIFC. Since the May 2017 launch of the ITL, a total of 105 companies have applied to enter the programme and 51 applicants have been accepted into the programme.  At present, 5 firms are operating in the ITL, 3 firms have successfully completed and exited the programme, and 7 firms have an In-Principal approval.