Cyber Security and Resilience | DFSA | THE INDEPENDENT REGULATOR OF FINANCIAL SERVICES

The DFSA actively supports innovation in financial services and the DIFC market through its Innovation Programme. In particular, the DFSA aims to support innovation that leads to positive outcomes for consumers and users of financial services and to more efficient markets.

Some of the key ways in which the DFSA supports innovation are:

Running a licensed-sandbox, known as the DFSA Innovation Testing Licence (ITL) Programme, which enables ITL holders to test new and innovative financial products, services, and business models;
creating new policy regimes and adapting existing frameworks to accommodate new or evolving business models and their risks;
proactively engaging with the market and relevant participants, stakeholders and the broader community;
engaging with innovative start-ups in the DIFC Hive programmes; and
working with international organisations, particularly through the Global Financial Innovation Network (GFIN), of which the DFSA is a founding member.

Below, we provide more information on each area.

DFSA Innovation Testing Licence (ITL) Programme

In order to apply to the ITL Programme, you must first complete and submit the ITL Pre-application Form which provides the DFSA with basic information about your firm’s business model and innovation. The DFSA will review and assess the ITL Pre-application Forms and only firms that meet the ITL eligibility criteria will be allowed to apply to the ITL Programme by completing and submitting the ITL Application Form. Acceptance of the ITL Pre-application Form does not automatically mean the firm will be granted an ITL.