Central Banking

Dubai regulator issues ‘innovation testing licenses’ to six fintech firms

Skyscrapers in the Dubai Marina in the UAE

The Dubai Financial Services Authority has announced the first set of firms to be granted innovation testing licenses (ITLs) under a new “cohort” framework, following “continued interest” from players in the market.

According to a statement from the DFSA on May 16, six new companies will form “Cohort 1” of the programme, which was first launched 12 months ago.

The firms will be granted a “restricted financial services licence” to develop and test products without being subject to all the

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