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“ We aim to continue this momentum and growth through our evolving regulatory environment and the quality of collaborators we bring into the DIFC , as our vision of driving the future of finance becomes a reality ”
in new consumer markets require additional local licensing . But this is changing . The number of regulatory sandboxes are growing , and the newly-implemented crowdfunding regulations in the DIFC , will allow companies to obtain new forms of operating licenses . In addition , there is a wealth of opportunity to partner with existing banks in the UAE .
As these regulations evolve , projections for the region have greatly increased . Since 2015 , the number of fintechs in the UAE is expected to grow
Arif Amiri , Chief Executive Officer of DIFC Authority
Centre ( DIFC ), for example , has led in addressing Islamic fintech regulations and its success is already evident . The Sharia Review Board in Bahrain has recently certified Stellar , which is the first DLT protocol to be Sharia-compliant .
Fintechs still have a way to go . While regulatory regimes are coming into place , such as the UAE ’ s creation of ‘ financial free zones ’, upscaling businesses is still a challenge as operations
MARCH 2020