{"id":50246,"date":"2022-07-15T10:57:59","date_gmt":"2022-07-15T06:57:59","guid":{"rendered":"https:\/\/blog.dubaicityguide.com\/site\/?p=50246"},"modified":"2022-07-15T10:57:59","modified_gmt":"2022-07-15T06:57:59","slug":"dfsa-moves-to-an-open-window-format-for-accepting-itl-applications","status":"publish","type":"post","link":"https:\/\/blog.dubaicityguide.com\/site\/dfsa-moves-to-an-open-window-format-for-accepting-itl-applications\/","title":{"rendered":"DFSA Moves To An Open Window Format For Accepting ITL Applications"},"content":{"rendered":"<p style=\"line-height: 21.0pt; background: white; vertical-align: baseline; margin: 0in 0in 15.0pt 0in;\"><span lang=\"EN-GB\" style=\"font-family: 'Arial','sans-serif'; color: #212121;\">From 15 July 2022, the Dubai Financial Services Authority (DFSA) will accept applications from local and international firms interested to join its Innovation Testing Licence (ITL) Programme. Launched in 2017, the ITL is a licensed regulatory sandbox which enables approved firms to test new and innovative financial products, services, and business models in and from the Dubai International Financial Centre (DIFC). Previously, the DFSA accepted applications via cohort process. Starting this month, the DFSA will move to an open window format where interested firms may apply as soon as they are ready to test their product. Firms must provide a clear explanation of their planned business model and the proposed innovative product or service.<\/span><\/p>\n<p style=\"line-height: 21.0pt; background: white; vertical-align: baseline; margin: 0in 0in 15.0pt 0in;\"><span lang=\"EN-GB\" style=\"font-family: 'Arial','sans-serif'; color: #212121;\">Justin Baldacchino, Managing Director, Supervision at the DFSA said: \u201cInnovation is necessary to enable companies to foster growth and discover new opportunities with an ever-changing consumer landscape. The ITL programme sits at the forefront of DFSA\u2019s innovation agenda and serves as a platform to test new models that have the potential to emerge as successful ventures contributing to the financial services sector within the DIFC and Dubai. The change in the format of the application process from a cohort process to an open application window is testimony to DFSA\u2019s commitment to support innovation in the DIFC and pave the way for the future of finance in the Centre.\u201d<\/span><\/p>\n<p style=\"line-height: 21.0pt; background: white; vertical-align: baseline; margin: 0in 0in 15.0pt 0in;\"><span lang=\"EN-GB\" style=\"font-family: 'Arial','sans-serif'; color: #212121;\">The ITL programme reflects the DFSA\u2019s continued commitment to new and emerging technologies in the DIFC. Since its inception in 2017, a total of 130 companies have applied to enter the programme and 67 applicants have been accepted into the programme. <\/span><\/p>\n<p style=\"line-height: 21.0pt; background: white; vertical-align: baseline; margin: 0in 0in 15.0pt 0in;\"><span lang=\"EN-GB\" style=\"font-family: 'Arial','sans-serif'; color: #212121;\">For more information regarding the ITL and its application process, firms are encouraged to visit the <\/span><span lang=\"EN-GB\"><a href=\"https:\/\/www.dfsa.ae\/innovation\"><span style=\"font-family: 'Arial','sans-serif';\">Innovation section<\/span><\/a><\/span><span lang=\"EN-GB\" style=\"font-family: 'Arial','sans-serif'; color: #212121;\"> of the DFSA\u2019s website.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>From 15 July 2022, the Dubai Financial Services Authority (DFSA) will accept applications from local and international firms interested to join its Innovation Testing Licence (ITL) Programme. Launched in 2017, the ITL is a licensed regulatory sandbox which enables approved firms to test new and innovative financial products, services, and business models in and from [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":50247,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-50246","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/blog.dubaicityguide.com\/site\/wp-json\/wp\/v2\/posts\/50246","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/blog.dubaicityguide.com\/site\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/blog.dubaicityguide.com\/site\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/blog.dubaicityguide.com\/site\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/blog.dubaicityguide.com\/site\/wp-json\/wp\/v2\/comments?post=50246"}],"version-history":[{"count":1,"href":"https:\/\/blog.dubaicityguide.com\/site\/wp-json\/wp\/v2\/posts\/50246\/revisions"}],"predecessor-version":[{"id":50248,"href":"https:\/\/blog.dubaicityguide.com\/site\/wp-json\/wp\/v2\/posts\/50246\/revisions\/50248"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/blog.dubaicityguide.com\/site\/wp-json\/wp\/v2\/media\/50247"}],"wp:attachment":[{"href":"https:\/\/blog.dubaicityguide.com\/site\/wp-json\/wp\/v2\/media?parent=50246"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/blog.dubaicityguide.com\/site\/wp-json\/wp\/v2\/categories?post=50246"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/blog.dubaicityguide.com\/site\/wp-json\/wp\/v2\/tags?post=50246"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}