Financial and regulatory technology has always been as a back end support in the Middle East in regards to the banking and insurance companies. But due to the launch of the FinTech Hive Accelerator Programme by the Dubai International Finance Center, there has been an opening of development avenues in the area retail banking app, share trading platforms, diverse payment platform integration, better understanding of crypto currencies like Bitcoin and to fill the gap between the legacy technology and the existing financial platform.
Fintech Hive Accelerator Programme:
Fintech Hive Accelerator Programme is a providing and emerging platform for the financial and technology sector. This program is supported by Accenture for the period of 12 weeks where the developers are given an opportunity to develop, design and test the software in accordance with the financial regulations of the Middle East. The developers also receive direct access to the financial institutions with responses from targeted user groups. There is also grant of “Innovation Testing License” if the technology meets certain criteria which can proceed to grant of Full Financial Services.
The “Sandbox” and FSRA Laboratory Guidance:
The financial Services Regulatory Authority of Abu Dhabi has proposed a “Sandbox” which means a controlled environment for the developing and the testing of the software developed in regards to the financial and the regulatory framework of the Middle East. The developers will be granted a Financial Services Permission to carry out the necessary regulatory technology advancements.
This development has led to a practical and hassle free benefits for the end users as well as the authorities in the matter of seamless integration of financial services and in keeping in accordance within the regulatory framework. As for the developers, it has paved way for their innovations to be noticed.
