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Thursday, October 28, 2021

Dubai Financial Services Authority is improving the regulatory framework for future finance

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The Dubai Financial Services Authority (DFSA) keeps on upgrading its administrative system by zeroing in on the fate of finance.

The DIFC is presently the home of in excess of 3,200 organizations and almost 28,000 staff and inside this more extensive populace, the DFSA directs 521 financial services firms, registers 17 auditors and 108 assigned non-financial organizations. The complete resources of the financial services firms are drawing closer $200bn. The pipeline of firms wishing to be controlled by the DFSA keeps on developing.

Fadel Al Ali, chairman of the DFSA, said: “We are investigating and taking on creative answers for upgrade our administrative job, as a feature of our digitalisation drive.”

To support innovation in the DIFC and secure the market against hazards, the DFSA set up the Innovation Testing License (ITL) Program.

This year, 26 organizations communicated interest in the program and 17 of these were approached to present an application; these are currently being surveyed. Candidates incorporate firms needing to give installment and cash transmission services, abundance the executives, tokenised installment services, and biometric-empowered financial services.

The DFSA has RegTech occasions zeroing in on driving consistence through innovation. The latest occasion featured the significance of this space and saw shows from seven Reg-Tech suppliers in the space of digital risk moderation, information investigation, exchange checking, and eKYC. Cyber risk keeps on being a worry for organizations across each area, especially the financial services industry that is frequently focused on. To encourage a protected climate for firms working inside the DIFC, the DFSA dispatched the Cyber Threat Intelligence Platform (TIP) last year, the principal controller drove platform of its sort in the locale, making a data sharing framework for firms in the DIFC.

The TIP has more than 175 enrolled individuals and keeps on furnishing them with data about a normal of more than 100 new dangers each week. Individuals from TIP likewise add to the platform, sharing their insight and mastery. This has been valuable for the DFSA as far as fortifying associations with accomplices to work together on handling a typical danger.

 

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