Innovation and Technology

The ASMEC actively supports innovation in financial services and the DIFC market through its Innovation Programme. In particular, ASMEC aims to support innovation that leads to positive outcomes for consumers and users of financial services and to more efficient markets.

Some of the key ways in which ASMEC supports innovation are:

• Running a licensed sandbox, known as the ASMEC Innovation Testing Licence (ITL) Programme.
• Creating clear policy guidance and adapting existing frameworks to accommodate new financial technologies.
• Proactively engaging with the market and relevant participants, stakeholders, and the broader community.
• Working with international organisations, particularly through the Global Financial Innovations Network (GFIN).

ASMEC Innovation Testing Licence (ITL) Programme

In order to apply to the ITL Programme, you must first complete and submit the ITL Pre-application Form. The ASMEC will review and assess the ITL Pre-application Form and only firms that meet the eligibility criteria will be allowed to apply to the ITL Programme by completing and submitting the ITL Application Form. Access to the ITL Pre-application Form does not automatically mean the firm will be granted an ITL.