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04 Jun 2020, 08:03 am
Region’s first Regtech event hosted by the Dubai Financial Services Authority and Dubai International Financial Centre
The Dubai Financial Services Authority (DFSA) hosted the first edition of a Regulatory Technology (RegTech) event, ‘RegTech Live’, on 2 and 3 of June. The event, held in partnership with the Dubai International Financial Centre Authority (DIFCA), drew over 600 delegates from the financial sector around the globe centering on the theme of Driving Compliance through Innovation.
The event focused on thought leadership surrounding the world’s most advanced and innovative regulatory compliance technologies. It included keynote speeches, panel discussions, and demonstrations from experts on detailed insights on emerging trends in the digitalisation of Know Your Customer (KYC) and onboarding processes, transaction monitoring, and broader regulatory compliance. Representatives from the DIFC and DFSA offered perspectives on eKYC and digital onboarding technologies, including relevant regulatory expectations.
Peter Smith, Managing Director, Policy, Strategy, and Risk, DFSA, presented the latest Regulatory Policy initiatives, which align with Dubai’s National Innovation Strategy, launched under the patronage of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai. With a view to increasing applications for user ease, the DFSA has now introduced chatbots to address queries on the DFSA Rule Book and will be introducing automated licence approval for low-risk entities later this year. Peter also highlighted that digitisation can lead to greater operational efficiencies and effectiveness, and that the DFSA is now evaluating the development and use of further advanced technologies such as Artificial Intelligence and Big Data.
Bryan Stirewalt, Chief Executive of the DFSA, said: “The digitalisation of the compliance function is key to the future of finance and this can only happen effectively with engagement from public and private sectors. This event brought awareness for all stakeholders, including regulators, on understanding the available and emerging regulation technologies and the risks and opportunities they present to clients, markets, and overall financial stability. This event played a key role in raising awareness about the use of technology in the delivery of financial services and maintaining regulatory compliance.”
Arif Amiri, Chief Executive Officer of DIFC Authority, said: “The success of the region’s first RegTech event is due to the collaborative spirit between our clients, start-ups, DFSA and DIFC Authority. We have the region’s most substantive FinTech and RegTech offering which is helping to shape the future of finance. Together, the event demonstrated how the financial services sector is adapting and making use of technology to drive innovation, deliver compliance solutions and help build a more robust regulatory environment.”
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