Dubai Financial Services Authority provides the right regulatory framework for the future of finance
Published on 04-Oct-2021
The Dubai Financial Services Authority (DFSA), the independent financial regulator of the Dubai International Financial Centre (DIFC), continues to enhance its regulatory framework by focusing on the future of finance. As finance across the world transforms through the use of technology, the role of regulation has never been more important.
Innovation is a key pillar of the UAE’s economic growth and it recently ranked 1st regionally in the 2020 Global Innovation Index, cementing its overall status as one of the world’s most innovative countries and further attracting businesses with innovation at the centre of their operations to choose the UAE. Similarly, the future of finance is at the heart of the development of the DIFC, the leading international financial hub in the Middle East, Africa and South Asia (MEASA) region.
The DIFC is now the home of more than 3,200 companies and nearly 28,000 staff. Within this wider population, the DFSA regulates 521 financial services firms and registers 17 auditors and 108 designated non-financial businesses. The total assets of the financial services firms are approaching USD 200 billion. The pipeline of firms wishing to be regulated by the DFSA continues to grow.