Dubai Financial Services Authority provides the right regulatory framework for the future of finance – Dubai Blog

The Dubai Financial Services Authority (DFSA) is the independent financial regulator of the Dubai International Financial Centre (DIFC). It continues to strengthen its regulatory framework by focusing on the future of finance. As finance around the world changes through the use of technology, the role of regulation has never been more important.

Innovation is a key pillar of the UAE’s economic growth, and it recently ranked 1^Yingshi The regional ranking in the 2020 Global Innovation Index has consolidated its overall position as one of the most innovative countries in the world, and has further attracted innovation-centric companies to choose the UAE. Similarly, the future of finance is at the core of the development of DIFC, a leading international financial center in the Middle East, Africa, and South Asia (MEASA) region.

DIFC now has more than 3,200 companies and nearly 28,000 employees.In this broader group of people, DFSA oversees 521 Financial services company and registration 17 Auditor and 108 Designated non-financial business.Financial services company’s total assets are close to the U.S. dollar 200 Billions. The number of companies hoping to be regulated by the DFSA continues to increase.

DFSA Chairman Fadel Al Ali said: “As the independent financial regulator of DIFC, we will continue to work to promote and maintain the fairness, transparency and efficiency of the financial service industry. As part of our digital drive, we are exploring and adopting innovative solutions to enhance our regulatory role. We will continue to ensure that we are aligned with the highest global standards based on the best practices and laws of the world’s leading financial jurisdictions.“

In order to encourage innovation in DIFC and protect the market from risks, DFSA has established an Innovation Testing License (ITL) program. This year, 26 The company expressed interest in the plan and17Among them are required to submit applications; these are currently being reviewed. Applicants include companies that wish to provide payment and remittance services, wealth management, tokenized payment services, and biometric financial services.

The DFSA hosted a regulatory technology event focused on promoting compliance through innovation. Recent events have emphasized the importance of this field and saw demonstrations by seven regulatory technology providers in the areas of cyber risk mitigation, data analysis, transaction monitoring and eKYC. Cyber ​​risk is still a concern for companies in all walks of life, especially the financial services industry, which is often the target of attacks. In order to create a safe environment for companies operating within the DIFC, DFSA launched the Cyber ​​Threat Intelligence Platform (TIP) last year, which is the first regulatory agency-led platform in the region, creating an information sharing system for companies within the DIFC system. TIP is over 175 Sign up for members and continue to provide them with an average of more than 100 There are new threats every week. The members of TIP also contribute to the platform, sharing their knowledge and expertise. This is beneficial to the DFSA in terms of strengthening relationships with partners to cooperate in response to common threats.

Expo 2020 will welcome millions of tourists, promote the economic development of Dubai, and affirm Dubai’s status as a regional center for international enterprises. The Expo’s sustainable development, opportunities and mobility zones reflect the UAE’s efforts to achieve economic diversification through the non-oil sector, as part of its commitment to the United Nations Sustainable Development Goals. Adopting environmental, social and governance (ESG) standards is critical to growth, as global investors are now seeking to invest in companies and countries with transparent environmental, social and governance practices. DFSA has been involved in work around ESG for more than three years, both in the UAE and on the international stage. DFSA works closely with stakeholders and considers their feedback to ensure that ESG education becomes the top priority of financial services.