Name
Ziina Ltd
Legal Status:
DIFC Company
DFSA Reference Number:
F006737
Address
Unit GD-PB-04-06-OF-08, Level 6, Gate District Precinct Building 4, DIFC, PO Box 506992, Dubai, UAE
Telephone Number
971 4 491 9666
Date of Withdrawal
25-Mar-2024
Date of Licence
03-Feb-2022
Endorsements
Carrying on authorised Financial Services with or for Retail Clients Holding or Controlling Client Assets
Financial Service
Investments
Providing Money Services
Providing or operating a Payment Account, Issuing Payment Instruments, Issuing Stored Value
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) providing or operating a Payment Account;
(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 it conducts testing of its Services with no more than:
(a) 1,000 Clients in total during Phase One;
(b) 3,000 Clients in total during Phase Two (with that total including any Clients from Phase One); and
(c) 8,000 Clients in total during Phase Three (with that total including any Clients from Phases One and Two).
9. The Licensee must ensure that it conducts testing of its Services only with Clients who are residents of the UAE.
Restrictions relating to value of transactions
10. The Licensee must ensure that Payment Transactions for a Client (in respect of Payment Account related activities) do not exceed USD 100,000 in value per single transaction and do not exceed USD 250,000 in total value per month.
Mr Ephraim Bautista Adia
I011922
Authorised Individuals (Withdrawn)
30-Oct-2023
25-Mar-2024
Mr Leonardo Prado Correa
I017194
Authorised Individuals (Withdrawn)
11-Oct-2022
25-Mar-2024
Mr Dilip Jain
I001828
Authorised Individuals (Withdrawn)
03-Feb-2022
05-Aug-2022
Mr Sherif Mohamed Ebrahim Abdel Wahab
I004027
Authorised Individuals (Withdrawn)
03-Feb-2022
02-Mar-2023
Mr Mohammed Asif Iqbal
I009908
Authorised Individuals (Withdrawn)
03-Feb-2022
18-Oct-2023
Mr Faisal Asem Toukan
I014707
Authorised Individuals (Withdrawn)
03-Feb-2022
25-Mar-2024
Mrs Rawan Samih Dgheim
I016289
Authorised Individuals (Withdrawn)
03-Feb-2022
25-Mar-2024
Mrs Sarah Asem Toukan
I015191
Authorised Individuals (Withdrawn)
03-Feb-2022
25-Mar-2024
For better web experience, please use the website in portrait mode