Dubai Financial Services: 11% increase in the number of licensed companies
Dubai Financial Services continues to consolidate the reputation of Dubai International Financial Center as a global hub.
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The Dubai Financial Services Authority announced that its licensing and registration activities will grow by 54% in 2022, with an annual increase of 9% in the total number of regulated entities in 2022 from 655 to 713 entities.
And it revealed, in a statement, yesterday, that the total number of licensed companies increased by 11%, from 529 companies in 2021 to 588 companies in 2022. The Dubai Financial Services Authority indicated the diversity in the types of licensed companies, with an increase in the number of companies in the field of innovation registered in The Money Services Scheme and the DFSA Innovation Testing License Scheme.
And Dubai Financial Services stated that, as part of its efforts to preserve the integrity of the Dubai International Financial Center and protect users of financial services, the "authority" took 10 implementation measures during 2022, and issued 15 alerts about fraudulent operations.
And she indicated that through the Dubai Financial Services Authority's cyber threat information platform, 8,153 cyber events were shared during the year 2022, which constitute more than two million penetration indicators, and information related to these risks was shared with more than 236 registered members of the platform.
Fadel Al-Ali, Chairman of the Board of Directors of the Dubai Financial Services Authority, said, "The authority will continue to play a fundamental role in establishing the reputation of the Dubai International Financial Center as a leading global center for financial business, and strengthening the position of the Emirate of Dubai and the UAE as a home to economic opportunities."
He added, "During 2022, we continued to focus on ensuring the preservation of a robust and resilient financial sector. We also worked in line with the initiatives launched by the UAE government to establish an environment conducive to the digital economy, and launched a new regulatory framework for encrypted codes, with the aim of facilitating the future of financial business in the Dubai International Financial Center." ».
He continued, “We have set high standards to create a clear and flexible regulatory framework, based on best practices and laws applied in leading jurisdictions around the world.
The results of all this resulted in the trust that the Dubai Financial Services Authority enjoys between local, regional and international companies.
Al-Ali said: “As a regulator characterized by a proactive and forward-looking approach, we will continue to respond to the rapid changes in the financial services sector, by being more innovative, assertive and adaptable.”
He stressed that the vision of the leadership in Dubai and the UAE paved the way, through continuous development and future anticipation to respond to the challenges and opportunities within this ever-evolving sector.
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