The Dubai Financial Services Authority (DFSA) invites applications from local and international firms to apply to join the 2019 Summer Cohort. Successful Cohort applicants will then be able to apply to enter the DFSA regulatory sandbox, known as the Innovation Testing Licence Programme (ITL Programme).

The DFSA welcomes innovative FinTech firms to make applications on the DFSA’s website from 1 – 31 May 2019. Firms must provide a clear explanation of the business model and the proposed innovative product or service. Firms accepted into the 2019 Summer Cohort will be announced on 16 June, after which they may submit their ITL applications by 25 July 2019.

The DFSA ITL Programme attracts a wide variety of firms, representing diverse business models, from across the world. FinTech firms from earlier cohorts included those testing the digitisation of Sukuk issuance using smart contracts and the tokenisation of equities and debt. The Programme enables firms to test FinTech solutions in and from the Dubai International Financial Centre (DIFC). It provides firms temporary flexibility to test and develop concepts within the test environment subject to various restrictions and modifications.

Bryan Stirewalt, Chief Executive of the DFSA, said: “The DFSA is committed to fostering and supporting a culture of innovation in the DIFC via the ITL programme. Now in its third year, interest in the programme has grown and has attracted a diverse range of business models from local and international applicants. The ITL serves as a platform to test new models that have the potential to emerge as successful ventures that contribute to the financial services sector in Dubai and the UAE. We welcome applications from FinTech firms that are ready to test their business models.”

Further details regarding the ITL and the Cohort applications are provided on the FinTech section of the DFSA’s website. Firms are urged to apply at the earliest opportunity.