The Dubai Financial Services Authority (DFSA) unveiled its business plan for 2023-24 to foster an enabling environment for firms as Dubai and the UAE continue to grow its reputation as a well-regulated and forward-thinking financial services hub.
In a statement, the authority, as a well-regulated and forward-thinking financial services hub, encapsulated within four strategic themes, the new two-year plan outlines an ambitious roadmap to meet its statutory objectives for the Dubai International Financial Centre (DIFC) including establishing and maintaining the DIFC’s reputation as a leading global financial centre.
Fadel Al Ali, chairman of the DFSA said the DFSA’s 2023-24 business plan builds upon our commitment to international standards, high quality regulation and best practices to foster an enabling environment to support the DIFC’s continued growth and that of Dubai and UAE economies.
As part of the business plan, the DFSA will be pursuing several key projects that cut across multiple strategic themes. The DFSA will further enhance its policy framework through the implementation of international standards, ongoing development of its support for trading venues and markets and strengthening its regime for the protection of client assets to maintain the integrity of the DIFC financial services industry.The DFSA will strengthen utilisation of technology to address regulatory obligations and challenges, as well as to enable development and use of new technology by the regulated community within the DIFC.
In addition, the DFSA will continue to update the broader regulatory regime within the DIFC so that it addresses market developments – both risks and innovations - and remains in line with its vision to be an internationally respected regulator, leading the development of financial services through strong and fair regulation.
Internal capabilities will play a key role in achieving all the projects under the business plan and setting the foundation for further developments.