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Laxman Pai, Opalesque Asia: UAE's first automated investment platform or 'robo-adviser' Sarwa has become the first participant to graduate from its regulatory sandbox following nearly 12 months of testing, announced Dubai Financial Services Authority (DFSA).
While granting Innovation Testing Licence (ITL) to Sarwa, DFSA said that Sarwa promised to: "make investing easier, secure and more affordable by offering customers simpler way to invest their earnings for long-term financial growth."
It said that during the testing period, the DFSA closely observed Sarwa as the company fine-tuned its automated business, while simultaneously developing its internal capabilities.
"This included continuous monitoring, ongoing engagement and frequent feedback. The rigorous process allowed the DFSA to deepen its understanding of Sarwa's underlying operating model, while the firm tested its services within a safe and controlled environment," said a press release from DFSA.
Sarwa's successful completion of its Regulatory Test Plan, and exiting the ITL, demonstrates the importance of regulatory sandboxes in fostering innovation and facilitating both established companies and start-ups as they create new and exciting solutions in financial services.
Bryan Stirewalt, Chief Executive of the DFSA, said "When we first introduced the ITL programme our goal was to offer firms the flexibility to test their new business models and solutions, so they can develop innovati...................... To view our full article Click here
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