Name
SilkSoftGroup Technology LTD
Legal Status:
DIFC Company
DFSA Reference Number:
F005326
Address
Unit 208, Level 1, Gate Avenue - South Zone, DIFC, Dubai, PO 507211, UAE
Telephone Number
Date of Withdrawal
10-Nov-2023
Date of Licence
02-Feb-2023
Endorsements
Carrying on authorised Financial Services with or for Retail Clients Holding or Controlling Client Assets
Financial Service
Investments
Providing Money Services
Issuing Payment Instruments, Issuing Stored Value, Executing Payment Transactions on a Payment Account provided or operated by another Person
Conditions
Disclosure of testing status
1. The Licensee must disclose prominently on its website and/or platform, in any written communication that it provides to a Client or potential Client, and in any form of electronic media that it makes accessible to a Client or potential Client, that:
(a) its Licence is a restricted “Innovation Testing Licence” and it is restricted under the Licence to testing its Services; and
(b) due to the restricted nature of its Licence, normal requirements and Client protections may not apply and Clients may have limited rights if they suffer loss as a result of taking part in testing of its Services.
Test Plan
2. The Licensee must ensure that it complies with its programme for testing its Services as set out in its Test Plan.
Exit Strategy
3. No later than one month after the end of the Testing Period, the Licensee must submit to the DFSA either:
(a) a duly completed application to remove the restrictions on its Licence, that includes all information necessary to demonstrate to the DFSA that it can meet the requirements to hold an unrestricted Licence; or
(b) a request in writing to withdraw its Licence.
4. If the Licensee applies to the DFSA to remove the restrictions on its Licence and the DFSA refuses to remove the restrictions, the Licensee must no later than one month after it is notified by the DFSA of the refusal, submit a request in writing to the DFSA to withdraw its Licence.
Restrictions
Restrictions on Money Services that may be provided
5. The Licensee is restricted to providing the following Money Services:
(a) executing Payment Transactions on a Payment Account provided or operated by another Person;
(b) issuing Payment Instruments; and
(c) issuing Stored Value.
Restrictions on Endorsement.
6. The Licensee is not permitted to hold or control Client Investments.
Activities restricted to testing of Service
7. The Licensee must not carry on a Financial Service under the Licence except for the purpose of testing its Services.
Restrictions relating to Clients that may take part in testing
8. The Licensee must ensure that:
(a) it has no more than 150 Retail Clients in total during the Testing Period; and
(b) it has no more than 5 Professional Clients in total during the Testing Period.
9. The Licensee must ensure that it conducts testing of its Services with:
(a) Only UAE and India based card recipients during Phase One;
(b) Only UAE, India and Philippines based card recipients during Phase Two; and
(c) Only UAE, India, Philippines and Pakistan based card recipients during Phase Three.
10. The Licensee must ensure that it conducts testing of its Services only with Clients (the primary cardholders) who are residents of the UAE.
Restrictions relating to value of transactions
11. The Licensee must ensure that
(a) Payment Transactions for a Client do not exceed USD 100.00 in value per single transaction;
(b) Payment Transactions for ALL Clients do not exceed USD 100,000.00 in total value during the Testing Period; and
(c) No more than 5 cards can be issued by each Client (primary cardholder).
For better web experience, please use the website in portrait mode
