Sarwa Digital Wealth gets DFSA nod

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Dubai Financial Services Authority (DFSA) said it has granted Sarwa Digital Wealth Limited, an automated investment advice service, inprinciple approval for its Innovation Testing Licence (ITL). The DIFC-based company is the first Fintech operator to receive approval for this special class of financial service licence developed for Fintech firms. The DFSA’s ITL introduced in May this year allows qualifying Fintech firms to develop and test innovative concepts from within the DIFC, without the usual regulatory requirements. (Staff Report)