Sarwa, a low-cost investment advisory platform that launched in Dubai, is the first participant to graduate from the Dubai Financial Services Authority (DFSA) regulatory sandbox following nearly 12 months of testing.
Sarwa aims to “make investing easier, secure and more affordable by offering customers simpler way to invest their earnings for long-term financial growth,” as it becomes the first firm within the Dubai International Financial Centre (DIFC) to be granted an Innovation Testing Licence (ITL).
“When we first introduced the ITL programme our goal was to offer firms the flexibility to test their new business models and solutions, so they can develop innovative products and services to tackle the growing needs of the region’s financial services industry.
“Sarwa’s progress is the first tangible demonstration that this goal can be achieved. We look forward to more firms following suit,” Bryan Stirewalt, head of DFSA, said in a statement.
The DFSA is actively encouraging firms with innovative ideas to apply for the 2018 winter cohort, which is currently accepting applications through the DFSA website.
A list of the firms that have been accepted into the cohort will be finalised on 16 December, after which they may submit an ITL application by 17 January 2019. Online submission links will only be active during these dates; therefore, firms should put together their submission forms at the earliest opportunity.
The DFSA’s cohort process and ITL initiatives go hand in hand with FinTech Hive at DIFC, the region’s first FinTech accelerator, which aims to bring together the next generation of leaders and entrepreneurs to address the growing needs of the region’s financial services industry.