FRA launches regulatory lab to boost innovation in non-banking financial sector
Updated 11/21/2024 12:21:00 PM
Arab Finance: The Financial Regulatory Authority (FRA) has launched its first regulatory laboratory for the non-banking financial sector, designed to foster innovation among emerging companies offering smart digital solutions, as per a statement.
This initiative aligns with the FRA’s ongoing efforts to support financial technology (fintech) advancements and facilitate a favorable regulatory environment for start-ups.
The plan will provide a platform for testing innovative fintech applications, including new business models and mechanisms, in a supervised environment.
The lab is open to registered entities and those seeking registration within the non-banking financial sector.
FRA's Chairman Mohamed Farid emphasized the role of the regulatory lab in expanding access to non-banking financial services, encouraging digital transformation, and enhancing the operational efficiency of emerging companies.
The lab will enable start-ups to test their digital solutions under FRA supervision, providing them with a better understanding of compliance and regulatory requirements.
This support is expected to enhance investor confidence, attract capital, and foster sustainable growth within the sector.
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