The Dubai International Financial Centre (DIFC) will establish a commercial licensing scheme for fintech firms based in the Middle East, Africa and South Asia (MEASA) it was announced recently.

The scheme will provide short term, cost-effective licensing for fintech, regtech and insurtech firms. Successful firm applicants will also be exempt from incorporation and registration fees.

Driving an innovation agenda

News on the initiative first broke earlier this year in March. CEO of the DIFC Authority, Arif Amri, stated then that:

“Driving the future of finance and promoting financial inclusion in the region are at the top of Dubai’s agenda and our agenda at DIFC. Delivering on this commitment, we are proud of the integrated and dynamic ecosystem we have built, and the various forward-looking initiatives we launched to support it.”

Being a part of this scheme would also allow fintech firms the opportunity to access DIFC Work Hub co-working space, which houses its own coffee bar, audio and visual conferencing facilities, as well as hi-speed wifi internet access.

The DIFC Work Hub is housed at the Fintech Hive at DIFC, a fintech accelerator which aims to speed up tech innovation in the region. Since its establishment in 2017, it has gathered 60 entities in its fintech startup ecosystem.

The Process

Those keen on taking advantage of the scheme can speak to a DIFC Business Development team member to kickstart the application process. Thereafter they will be required to submit the necessary application documents.

Approved applicant firms will then be granted the appropriate license approvals, visas and corresponding consent notifications.

Featured Image via DIFC