The Dubai Financial Services Authority (DFSA) is launching a second cohort of applicants for its innovation testing licence (ITL) programmes, which allows fintech startups to test their products within the DFSA’s sandbox.
The licences are available to both domestic and international startups which can apply via the DFSA website between November 1 and 30.
The firms accepted into the cohort will be announced in mid-December after which they must submit their ITL application before January 17, 2019, clearly stating their business model and any proposed innovation.
The ITL programme, which awards a restricted financial services licence to fintech startups, was started in May 2017.
According to the DFSA, the cohort system, which will run two times a year, has been developed due to the number of responses to the programme and the need for a prerequisite process.
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