Hello Dubai: Compliance calling

DIFC

DX Compliance was recently selected by DIFC FinTech Hive for its innovative way to solve money laundering problems, faced by banks, financial institutions, and payment providers. In a survey carried by Deloitte in Asia: 48% felt their organisation the lacked latest technology to stay compliant with Regulatory Standard.

A brief introduction to UAE regulatory framework:

The UAE consists of seven emirates, each governed by a ruler, who together form a federal supreme council. Each Emirate has significant control and independence on many legal and regulatory issues. The Central Bank of the UAE is the main regulatory authority for financial services in the UAE.

Over 30 Free Trade zones have been created granting constitutional separation of jurisdictions for commercial laws within the free zones.
The DIFC (Dubai International Financial Centre) and ADGM (Abu Dhabi Global Markets) are two examples of this, both of which have specific focus on financial services activity. Much of the allure in using these free zones is in the ability to have 100% foreign ownership, allowing international companies to operate in the region without altering ownership structures. Another, significant benefit at both the DIFC and ADGM is the application of common law, giving many large international companies a feeling of security in a common understanding of the legal framework used.

DIFC FinTech Hive: gives FinTechs and RegTechs, runs a highly competitive accelerator program, providing mentorship from leading financial institutions and insurance partners. The program is highly effective in providing a platform for large international Banks and early stage companies to cooperate commercially. It provides an incredible opportunity to work with financial institutions in the region ADIB – Abu Dhabi Islamic, HSBC Bank, Mashreq Bank, Visa , Emirates Islamic, Emirates NBD. DIFC FinTech Hive also introduces startups into the wider Tech ecosystem, by arranging workshops with companies such as Magnitt: the leading community and data platform for start-ups in MENA ecosystem