Dubai regulator issues ‘innovation testing licenses’ to six fintech firms

The Dubai Financial Services Authority has announced the first set of firms to be granted innovation testing licenses (ITLs) under a new “cohort” framework, following “continued interest” from players in the market.

According to a statement from the DFSA on May 16, six new companies will form “Cohort 1” of the programme, which was first launched 12 months ago.

The firms will be granted a “restricted financial services licence” to develop and test products without being subject to all the

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