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05 Nov 2020, 11:00 am

DFSA opens applications for Innovation Testing Licence 2021 Winter Cohort

The Dubai Financial Services Authority (DFSA) invites applications from local and international firms to apply to join its Winter 2021 Cohort. Successful cohort applicants will be invited to apply to enter the DFSA’s version of a regulatory sandbox, known as the Innovation Testing Licence (ITL) Programme.

Launched in 2017, the ITL Programme provides a unique environment that helps firms to test innovative solutions and concepts in and from the Dubai International Financial Centre (DIFC) within a restricted regulatory environment. 

The DFSA welcomed innovative technology-driven companies to apply through its website from the 1st through the 30th of November 2020. Firms must provide a clear explanation of their planned business model and the proposed innovative product or service. The DFSA will announce applicants accepted into the Winter Cohort on the 16th of December 2020, after which they will be invited to submit an ITL application by the 17th of January 2021.

Bryan Stirewalt, Chief Executive of the DFSA said: “The ITL Programme continues to be a success story for innovative firms looking to test their products and services in the DIFC’s vibrant ecosystem for technology. In July, we accepted the largest number of firms into our Summer Cohort. This demonstrates that despite the economic and logistical challenges of this year, the DIFC is still growing and an attractive place for technology-driven companies to do business. We look forward to receiving Winter Cohort applications.” 

Since the Programme has launched, 82 companies have applied to the ITL Programme, of which 36 companies have been accepted into the Programme.

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