The Role of DFSA and DIFC for the Fintech Company
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The DFSA is an autonomous regulator focused on risk management in the DIFC. It grants people like you licenses and regulates all activities of all banking and financial institutions in the DIFC.
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Are you wondering what role DIFC plays in the Fintech Industry? If yes, you should learn that the DIFC is a broadly based recognized, and renowned international financial. It serves regional, local, and global financial institutions. It grants entrepreneurs like you permission for different categories of financial licensing.
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You must remember that the Fintech companies in the DIFC are not always regulated. Some firms are regulated because of the more sensitive or riskier nature of these businesses. In contrast, a few organizations are not regulated in the DIFC. However, the decision is always at the discretion of authorities.
02
What actions does the DIFC take to promote the Fintech Sector?
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Have you ever listened to anything about Fintech Hive in DIFC? If not, you may feel happy to know that Fintech Hive serves as an accelerated program focused on technological companies with a product or service offering that is advantageous to the financial service sector or the digital economy. In short, you can benefit from this program if you start your Fintech company in the DIFC.
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The Fintech Hive helps you to meet your competitors or like-minded people, as it brings participants of financial service companies and industry experts together to test, develop, and meet their tech products or services to meet the growing demand of FinTech, RegTech, and InsurTech.
Why do you need an Innovation Testing License?
Whether you are a Fintech Hive participant or simply a Fintech Company owner, you should apply for the Innovation Testing License in the DIFC. The DFSA’s Innovation Testing License (ITL) provides you with a regulatory framework that needs supervision to develop and test your idea under the protection of a restricted license, subject only to regulation reliable during the test phase.
Are you worried about the cost of the Innovation Testing License (ITL)? Don’t worry. You will not incur any ongoing regulatory costs and costs associated with the application for an ITL. The DFSA invests time and effort with you to understand the nature of your new product and formulate a sufficient regulatory framework.
Top Benefits of Starting Your Fintech Company in the DIFC
You can get access to a world-class and skilled workforce by starting your FinTech company in the DIFC.
You can obtain access to the leading venture capital firm in the region.
You do not need to worry about the understanding of the UAE Sharia Civil Law as the English or UK law governs the DIFC.
You can become a part of the Global Fintech hub by starting your Fintech Company in the DIFC.
Steps to Start Your Fintech Company in the DIFC
Why choose us?
Dubai International Financial Centre (DIFC) is a hub for global financial companies. It is also a perfect place to Start a Fintech Company in DIFC. You must adhere to several regulations and follow many steps to start your Fintech business in this free zone. Flyingcolour Business Setup can help you begin your Fintech company in this area at each step. Our experts can convert each complex step into an easy step you need to perform to start your Fintech company at DIFC.
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