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The rapid rate of change within the fintech sector means regulators are faced with the choice of either fostering innovation to allow financial technology to develop organically or setting boundaries within which innovation and technology can develop.
Abu Dhabi Global Market and Dubai International Financial Centre have introduced a special licensing regime to deal with startups in the fintech space, which will lead to new types of financial services licences being issued for activities currently not contemplated or prohibited under the law.
Navigating the ever-changing legal framework presents a challenge, but the UAE government seem up for the task.