Arab Finance: The Board of Directors of the Financial Supervisory Authority issued Resolution No. 163 of 2024, headed by Dr. Mohamed Farid, establishing And operating a regulatory laboratory for technological applications Those practicing non-banking financial activities using financial technology, and entities wishing to register and registered in the outsourcing register in the areas of financial technology in non-banking financial activities with the Authority, are allowed to conduct tests on innovative financial technology applications, including business models and related mechanisms.
The Regulatory Lab aims to support and facilitate the entry of emerging companies with smart digital solutions into the market, enhance regulatory understanding of financial technology, improve regulatory practices in support of sustainable and comprehensive financial growth, and enhance levels of innovation in the non-banking financial sector by continuing efforts to create an enabling and supportive regulatory environment to provide… Financing, investment and insurance solutions for individuals and companies.
Dr. Mohamed Farid, Chairman of the Financial Regulatory Authority, said that the regulatory laboratory will work to enhance the efforts of the Financial Regulatory Authority, in supporting emerging companies that operate on a digital technology basis in providing non-banking financial services, which in turn raises the levels of innovation within the non-banking financial sector. Banking, which would lead to expanding the base of beneficiaries of non-banking financial services, and developing the capabilities and capabilities of non-banking financial companies and service providers on a digital basis.
He added that the Authority is working to keep pace with the unprecedented technological development in order to benefit customers, by ensuring the existence of an interactive environment between companies that provide smart solutions for the benefit of non-banking financial institutions, research centers and universities, in addition to business incubators and accelerators, investors and international technology companies.
He explained that the regulatory laboratory for the non-banking financial sector will also help the Authority achieve its vision of supporting and encouraging innovation in non-banking financial services, while working to ensure that consumers benefit from emerging technologies as well as maintaining regulatory standards, provided that the regulatory laboratory helps emerging companies gain the confidence of investors. Attracting capital to create an interactive environment towards sustainable growth.
Dr. Farid stated that the regulatory laboratory of the Financial Regulatory Authority will work to support innovators to understand and improve compliance and regulatory practices, as well as support sustainable and comprehensive financial growth for the non-banking financial sector, and to provide a safe experimental environment for emerging companies to test their products and services under the authority’s supervision.
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