Latest news with #DFSA
Zawya
a day ago
- Business
- Zawya
Asian institutional fund platform giant Gordian Capital plans expansion to Dubai
RELATED TOPICS FINANCIAL SERVICES Subject to regulatory approval, Gordian plans to offer similar services to global players entering the Middle East as it already does in Singapore, Hong Kong and Tokyo Global alternative asset managers expected to make up its primary client base Dubai, United Arab Emirates – Gordian Capital is delighted to announce its plan for expansion into the Middle East, subject to approval from the Dubai Financial Services Authority (' DFSA ') ' The Dubai International Financial Centre, (' DIFC ') has seen and continues to experience strong growth in the number of managers across alternatives and traditional strategies establishing an operation ' Mark Voumard Founder of the group and CEO of Gordian Capital Singapore Private Limited noted'. He commented ' Going cross border can have its challenges, primarily in terms of speed to market, as well as meeting rigorous initial and ongoing operational and regulatory standards. This is where, provided we obtain regulatory approval, with the group's history of success and growth in Asia over the last 20 years, we plan to provide, a highly regulated market entry pathway and infrastructure for institutional quality GP's and managers seeking to establish a regulated presence in DIFC '. Gordian Capital is Asia's only fully licensed institutional fund platform operating in Singapore, Hong Kong and Tokyo, Asia's three key financial centers and is fully licensed and regulated with MAS (Singapore), SEC (USA), SFC (Hong Kong), FSA (Japan), NFA as a CTA (USA) and ASIC (Australia). The group is also required to meet guidelines and registration requirements with SEBI (Securities and Exchange Board of India), CSRC, (China Securities Regulatory Commission) and CBI (Central Bank of Ireland) as both an investor and investment manager. The firm has launched over 115 funds across both private and public strategies, including Private Equity, Real Estate, Venture Capital, Private Credit, Infrastructure, Trade Finance, multiple Hedge Fund strategies as well as long-only and absolute return strategies, including activism. It works with some of the words largest GP's and asset managers supporting them as they both invest and expand into Asia. 96% of its USD17bn AUM is from institutional investors. Gordian's planned Fund Platform offering in DIFC, which is subject to approval by the DFSA, would leverage Gordian Capital's 20 plus years of expertise acting as the Manager, for experienced investment professionals, who require an institutional level regulated, physical and operational fund infrastructure where Gordian Capital handles the business and operational management of each fund allowing the investment professionals on our platform to concentrate on investing. Gordian Capital as a key regulated infrastructure provider, is already part of the ecosystem of prime brokers, executing brokers, fund administrators, legal, tax and audit firms with operations in Asia and, subject to regulatory approval, expects to also become a key market provider in, and help expand the DIFC ecosystem. This concatenation creates a continuous string of combined values thereby further differentiating the position of DIFC as a global hub for hedge funds and other alternative asset managers. Salmaan Jaffery, Chief Business Development Officer at DIFC Authority commented 'We are pleased that Gordian Capital, Asia's leading independent institutional fund management platform, has announced its intention to establish a presence in Dubai International Financial Centre. Their decision reflects the strength of DIFC as the region's leading financial hub with unparalleled depth in asset management, attracting new firms and business models that access the fast-growing markets of the Middle East, Africa and South Asia. We look forward to welcoming Gordian Capital to our ecosystem and supporting their expansion into the region.' Gordian Capital's clients include global institutional asset managers, Multi strategy/pod platforms, Family Offices, GPs, Hedge funds and Corporates across multiple strategies and structures across private equity, real estate, venture capital, infrastructure, hedge, absolute return and long only strategies. Established in 2004 by capital markets professionals and alternatives industry veterans active in Asia since the 1980s, Gordian Capital initially launched its first operating subsidiary in Singapore in 2005. The group now boasts a regulated presence in Singapore, Japan, and Australia, with both its Singapore and Tokyo operations registered with the U.S. SEC as Registered Investment Advisers and representative offices in Melbourne and Shanghai. Voumard also commented 'We have been given a warm welcome by the pro-business, market friendly, and highly professional team at DIFC and, subject to receiving regulatory approval, expect to work closely with them to help develop DIFC even further as an asset management centre. -Ends- About Gordian Capital Established in Cayman in 2004 by capital markets professionals and alternatives industry veterans active in Asia since the 1980s, Gordian Capital has operating subsidiaries in Singapore, Tokyo, Melbourne, Hong Kong, Shanghai and, subject to regulatory approval, plans to extend its operations soon to the DIFC. As Asia's leading institutional, independent, fund platform specialist, managing USD 17 billion in AUM, Gordian Capital's focus has always been institutional, evidenced by early mandates from Brown Brothers Harriman and AMP Capital as well as investments by both Swiss and Japanese pension funds as early as 2006 and 2007. More recently investments have come from SWF, DFI and pension fund investors. This institutional focus and fiduciary duty to our investors is reflected in our DNA. For queries, please contact: Mark Voumard E: voumard@ About Dubai International Financial Centre Dubai International Financial Centre (DIFC) is one of the world's most advanced financial centres, and the leading financial hub for the Middle East, Africa, and South Asia (MEASA), which comprises 77 countries with an approximate population of 3.7bn and an estimated GDP of USD 10.5trn. With a 20-year track record of facilitating trade and investment flows across the MEASA region, the Centre connects these fast-growing markets with the economies of Asia, Europe, and the Americas through Dubai. DIFC is home to an internationally recognised, independent regulator and a proven judicial system with an English common law framework, as well as the region's largest financial ecosystem of 46,000 professionals working across over 6,900 active registered companies – making up the largest and most diverse pool of industry talent in the region. The Centre's vision is to drive the future of finance through cutting-edge technology, innovation, and partnerships. Today, it is the global future of finance and innovation hub offering one of the region's most comprehensive AI, FinTech and venture capital environments, including cost-effective licensing solutions, fit-for-purpose regulation, innovative accelerator programmes, and funding for growth-stage start-ups. Comprising a variety of world-renowned retail and dining venues, a dynamic art and culture scene, residential apartments, hotels, and public spaces, DIFC continues to be one of Dubai's most sought-after business and lifestyle destinations. For further information, please visit our website: or follow us on LinkedIn and X @DIFC. For media enquiries, please contact: Nivine William Burson | Rasha Mezher | Dubai International Financial Centre Authority Manager, Marketing & Corporate Communications
Mid East Info
a day ago
- Business
- Mid East Info
Beehive and Direct Debit System partnership fuels $1 Bbillion in digital SME funding - Middle East Business News and Information
Financing milestone marks one year of collaboration between the two platforms Direct Debit System (DDS), the fintech platform for automated collections, licensed by UAE Central Bank, is celebrating its one-year partnership with Beehive, the first peer-to-peer lending platform in the MENA region to be regulated by the DFSA. The milestone comes as Beehive surpasses USD 1 billion in SME financing across the GCC. The year of collaboration has enabled Beehive to execute collections and repayments in a paperless, secure, and instantly reconcilable environment, by replacing legacy cheque-based processes with DDS's fully digital direct debit solution, powered by UAE PASS. 'Reaching the USD 1 billion milestone is a testament to Beehive's commitment to fueling SME growth in this country,' said Vivek Harikrishnan, Head of Product & COO at DDS. 'Our direct debit integration eliminates the delays and risks inherent in manual cheque handling, meaning no more lost cheques, no more uncertainty over collection timing or signature mismatch. Beehive's finance team now enjoys end-to-end visibility, IBAN validation, the ability to postpone and retry collections digitally, automated notifications, and same-day reconciliation, so they can focus entirely on supporting SMEs in the UAE to scale their business.' Since integrating DDS's API-driven direct debit technology, Beehive has achieved a number of milestones to streamline processes. The platform has gone paperless, meaning the entire loan disbursement and repayment cycles are now handled electronically, cutting out physical paperwork and courier delays. Operational hassle has been reduced with automated mandate management and UAE PASS authorization, removing the need for manual signature hunting, drastically lowering back-office overheads. The reconciliation process has also been accelerated, with real-time transaction reporting and instant settlement data shortening reconciliation times from days to hours. Reflecting on the collaboration, Jason Stewart, Head of Partnerships and Products at Beehive, stated, 'At Beehive, we've always believed that SME finance should be fast, secure, and frictionless. Our partnership with DDS has allowed us to digitize and streamline a core part of that journey, collections and repayments.' ———- About Direct Debit System Direct Debit System is the UAE's first Central Bank–licensed platform offering digital, paperless direct-debit collections from bank accounts and credit cards. The solution automates recurring payments for school fees, rents, memberships, loan repayments and more—replacing cheques, unnecessary credit card charges and manual follow-ups with secure and bank -bank direct settlement process that simplify cash-flow management for businesses of all sizes. The Direct Debit solution is now widely used by education institutions, real estate firms, service industries as well as most of the leading alternative lending platforms. Find out more at About Beehive Founded in 2014, Beehive is the first peer-to-peer lending platform in the MENA region to be regulated by the DFSA. Headquartered in Dubai, Beehive connects businesses seeking finance with investors willing to support their growth, offering a faster, more affordable funding option for SMEs. Through technology and a commitment to supporting regional businesses, Beehive has become a trusted partner for SMEs across the GCC. Learn more at
Fintech News ME
2 days ago
- Business
- Fintech News ME
DFSA Report: Quantum Computing and AI Introduce New Risks to Finance
As implementation of emerging technologies accelerates, operational resilience, technology risk management, and adaptive oversight will be fundamental to maintaining stability in financial markets. Regulators and institutions must act to raise awareness of emerging threats, enhance readiness, and strengthen technology governance, global financial regulators and experts said during a closed-door meeting. The session, hosted by the Dubai Financial Services Authority (DFSA) at the Dubai Fintech Summit 2025 in May 2025, bought together 70 representatives from 18 financial regulatory authorities from across the globe, alongside senior experts from the Bank for International Settlements (BIS) Innovation Hub and the International Monetary Fund. These participants examined how cybersecurity, AI, and quantum technologies intersect, discussing practical measures to address the evolving risk landscape, and reflecting on current progress and persistent gaps. An evolving cyber threat landscape Participants warned of the evolving cyber threat landscape, highlighting that cyber threats are becoming more sophisticated and harder to control because they easily cross borders and affect many different industries at once. They emphasized the shift from ransomware encryption towards double extortion, which combines data encryption with threats to leak stolen information, as well as the growing use of AI for social engineering. They also noted that threat actors are increasingly attacking newer technologies such as Internet-of-Things (IoT) devices with physical sensors and supply chains, and are using legitimate tools to evade detection mechanisms. To manage these risks, these experts agreed on the need to balance innovation with robust cybersecurity. They advised on strengthening basic defenses, such as keeping software up to date, dividing networks to limit damage, training employees to spot threats, using strong access controls and multifactor authentication, sharing information about threats, and carefully managing risks from third parties like suppliers and partners, while also emphasizing the importance of cross-sector and public-private collaboration as cyber-attacks become orchestrated at industrial scale and are no longer isolated events. Regulators, meanwhile, should provide guidance on quantum and AI-related risks, and raise awareness about these threats. They should also embed cybersecurity into supervisory assessments, and build their own skills and suptech tools to monitor and respond to cyber and emerging technology risks. Quantum risk evolution Quantum risks were another key topic of discussion. Quantum computers, which utilize quantum mechanics to process information, have the potential to revolutionize fields like cryptography, drug discovery, and complex optimization by solving problems exponentially faster than classical computers. However, these same capabilities also pose significant cybersecurity risks. Such powerful quantum computers could theoretically break widely used encryption methods that currently secure online banking, payment systems, and other digital payments. And while these computers, called cryptographically relevant quantum computers (CRQCs), don't exist yet, they could emerge by 2030-2040, emphasizing the urgency to prepare for a post-quantum world now. Participants warned that the financial sector is likely to be among the prime targets for quantum threats because of the high value of financial assets transactions financial institutions process. Though the space benefit from strong governance structures and prudential frameworks, important gaps persist, including limited awareness of quantum threats, incomplete inventory of vulnerable systems, and slow global standardization and interoperability. Against this backdrop, experts highlighted that regulatory authorities have a vital role to play in raising awareness on quantum threat, and supporting gradual transition planning. They should also consider introducing regulatory sandboxes for experimentation, cross-border collaboration, and scenario planning that simulate quantum-risk impacts to better prepare for the challenges that quantum technologies may bring. AI risk oversight Finally, the group examined the risks associated with the growing adoption of AI in financial services. First, they noted that financial institutions process large volumes of highly sensitive personal and financial data that are increasingly used to train complex machine learning (ML) models. This enhances the risks of data breaches and intellectual property theft. They also emphasized that AI expands the attack surface for cyber threats, and introduces new points of failure not present in traditional information and communication technology infrastructure, such as data pipelines and ML models. Meanwhile, threat actors are increasingly incorporating AI into their offensive toolkits to enhance, automate, and scale cyberattacks, as well as to adapt to counter-defensive measures. Experts also highlighted the growing resilience on a limited number of dominant AI providers, contributing to supply chain concentration risk and heightening the risk of systemic disruptions in the event of supply chain incidents. They also drew attention to the expanding influence of bigtech companies across the AI ecosystem. Participants encouraged regulators to map supply chains and assess concentration risks across critical technology providers. They also stressed the importance of balancing innovation with adequate oversight, advising for principle-based approaches, and an adaptive, learning-focused posture to respond more effectively to the evolving nature of AI applications. The potential of quantum computing and AI Quantum computing and AI are transforming technologies poised to transform the financial services and banking industry by accelerating secure transaction processing, revolutionizing risk analysis, optimizing complex portfolios, and enhancing fraud detection. McKinsey estimates that quantum computing use cases in the finance industry could create US$622 billion in value by 2035. Meanwhile, generative AI (genAI), a subset of AI that creates new content, could add as much as US$340 billion a year in additional value, representing 2.8% to 4.7% of total industry revenues, largely through increased productivity. However, genAI also introduces risks, such as deepfake and fraud. Deloitte's Center for Financial Services predicts that genAI could enable fraud losses to reach US$40 billion in the US by 2027, from US$12.3 billion in 2023. Despite these challenges, adoption is accelerating rapidly. According to the latest McKinsey Global Survey on AI, 78% of respondents said that their organizations used AI in at least one business function as of late 2024, up from 55% a year earlier. Boston Consulting Group (BCG)'s AI Radar found that one in three financial institutions plans to spend over US$25 million on AI in 2025, and some will spend in the range of 0.5% to 1% of revenues towards AI technologies.
Khaleej Times
5 days ago
- Business
- Khaleej Times
St. James's Place Middle East marks two years in Dubai
As the UAE continues its emergence as a global financial centre, the UK's largest financial advisory business and international wealth manager, St. James's Place has marked its second year in the emirate, predicting further growth as capital flows into the region. May marked the second anniversary since SJP Middle East obtained regulatory approval from the Dubai Financial Services Authority (DFSA) and established its base at the Dubai International Financial Centre (DIFC). Since establishing its base in Dubai, the firm has experienced rapid growth, driven by the need for individuals to manage complex international assets across borders, says partner Daniel George. The UK-headquartered firm, which manages over $258 billion for more than one million clients worldwide, has also benefited from the significant number of Britons relocating to the UAE in recent years, drawn by its thriving job market. "The UAE is clearly a hotspot for individuals looking for a high-growth, pro-business environment," says George. "We are seeing clients move to the UAE for different reasons. It is great that we can help internationally mobile individuals manage their wealth across borders and make the most of the opportunities this region affords." SJP expects further growth in the coming years as clients look to relocate to the UAE, attracted by its competitive tax landscape and attractive lifestyle. "We are extremely positive about the growth prospects for this region and continued economic growth across the UAE," George added.
Gulf Business
5 days ago
- Business
- Gulf Business
Dubai Financial Services Authority's Charlotte Robins on how its Tokenisation Sandbox is gaining traction
Image: Supplied Charlotte Robins, MD of Policy and Legal at the Dubai Financial Services Authority ( In this interview, Robins discusses the models that stood out, how the initiative aligns with Dubai's D33 economic agenda, and how the DFSA is balancing innovation with robust regulation to position the DIFC as a top-four global financial hub. The Tokeni s ation Regulatory Sandbox attracted 96 expressions of interest from six jurisdictions. What does this level of global interest tell you about the future of tokeni s ation and DFSA's regulatory positioning? The global interest in our Tokenisation Regulatory Sandbox signals the importance of, and growing appetite for, responsible innovation, and recognises the appeal of DFSA's regulatory approach to innovation. As a regulator, our role is to support innovation and its positive contribution to the financial markets in ways that maintain market integrity and protect the public interest within the DIFC. By working closely with local and global firms through the sandbox, we are encouraging responsible innovation and helping to ensure that new ideas are tested against regulatory expectations. What were some of the most promising or innovative tokenisation models proposed by applicants? Were there any particular sectors — like sukuk or property funds — that stood out? The expression of interest process provided the DFSA with valuable insight into the diversity and maturity of tokenisation models being developed globally . The DFSA received nearly 100 responses – including proposals to tokenise financial assets and instruments, such as bonds (including Islamic bonds, or sukuk), units in a fund (including money market funds and property funds), and the trading and safe custody of those assets – reflecting the broad potential of tokenisation across the financial ecosystem. The initiative attracted strong interest from both established financial institutions wishing to explore tokenisation use cases and innovative start-ups looking to scale breakthrough digital asset solutions in a regulated environment. Applications were received from within the UAE and from other regions such as the UK, EU, Canada, Singapore and Hong Kon . Can you walk us through the evaluation process? What key factors determined whether a firm was invited into the Innovation Testing Licence programme versus granted full authorisation? As a brief recap, the e xpression of interest (EOI) period ran from March– April this year. Thereafter we conducted an initial assessment of the submissions received and whether the tokeni s ation activities fall within our regulatory perimeter of financial services activities that can be conducted in the DIFC. Following these assessments, the DFSA had discussions with a majority of the applicants and shortlisted those that were sufficiently clear on their business model , ready to do business in and from the DIFC and ha d a level of familiarity with DFSA rules, and therefore ready to progress to the next stage. In June, a number of firms were then invited to prepare their applications, either for the Innovation Testing Licence programme (ITL), which is our regulatory sandbox , or where the business model is sufficiently matured and tested in other markets, for a full licen c e . The DFSA assesses the firms' readiness to apply for the Tokenisation S andbox based on the ITL eligibility criteria that we have in place, such as : •S ufficiency of resources (financial and operational) to operationali s e • R eadiness to test its innovative products and services • C ommitment to deploy products and services in the DIFC and broader UAE during and after the sandbox testing period How does the DFSA strike a balance between enabling financial innovation and ensuring market integrity, particularly with emerging technologies like tokenisation ? At the DFSA, we recognise that robust, balanced, and proportionate regulatory frameworks have a key role to play in creating an environment in which innovative firms can thrive. On this basis, we create, and tailor our regulatory regimes appropriately and don't seek to impose unnecessary regulatory burden, and inadvertently stifle innovation. To that end, we always publicly consult on any changes to our rulebook to ensure that our approach to regulation: Is proportionate and risk-based enough to foster beneficial innovation, yet robust enough to avoid a race to the bottom and a loss in trust and confidence; Evolves and adapts in line with market developments, adopting the principle of 'same activity, same risk, same regulatory outcome'; and Focuses on regulatory outcomes that meet the needs of local markets rather than adopting a 'one-size-fits-all' regulatory approach. Additionally, on an ongoing basis we proactively engage with market participants, their advisors, and industry bodies, for example, to ascertain how our regulatory regime can be enhanced and improved e.g., via industry webinars, roundtables, outreaches, and consultation. In such an area where rapid change appears to be a permanent feature of the environment within which these markets operate, we see both collaboration and industry engagement as being essential. From investment tokens to stablecoin approvals, the DFSA has taken progressive steps in digital asset regulation. How will insights from this sandbox phase inform future regulatory developments? Insights from our sandbox – the Innovation Testing License , will allow us to observe how innovative technologies perform in a controlled environment. This will enable us to identify potential risks, benefits and gaps in existing regulation, which will in turn lead to more informed balanced, and adaptive policymaking that supports innovation while protecting consumers. W e are continuously developing our models and policies to ensure that they don't stifle growth whilst ensuring investor protection and responsible innovation. In May 2025, we published an explainer guide to clarify the process of apply ing to the ITL sandbox so that we can continue to empower innovators with the knowledge they need to engage with the DFSA and bring transformative financial services to market in the DIFC. We're seeing more interest in innovation / crypto – firms coming to us and we collaborate with other regulatory standard-setter via groups such as the Global Financial Innovation Network (GFIN) to ensure that we share-knowledge and best practices. As a regulator, it's important that we are balance growth and innovation whilst continuing to protect our stakeholders, investors and the market. In terms of what we are seeing in the innovation space – Tokenisation is probably at the top of the list. How does the Tokenisation Regulatory Sandbox align with Dubai's D33 economic agenda? In your view, what role will tokenisation play in helping DIFC become one of the world's top four financial hubs? The DFSA's regulatory ITL Sandbox aligns with Dubai's D33 economic agenda by enabling safe experimentation with tokeni s ed and innovative financial products – positioning the DIFC at the forefront of FinTech innovation. As Dubai aims to become one of the world's leading financial hubs, our sandbox serves as a practical mechanism for translating policy into real-world outcomes. Attracting global players while shaping regulation which is ready for the future. By embedding tokenisation within a transparent framework, we are not only fostering innovation, but setting global standards , cementing Dubai as a leading jurisdiction for digital finance. DFSA has been opening its regulatory sandbox to non-traditional financial institutions and tech startups. What strategies are you deploying to ensure diverse participation—and how is that shaping your regulatory toolkit? To ensure diverse participation of non-traditional financial institutions (NBFIs) and tech start-ups in the ITL programme , DFSA implements a combination of outreach, design flexibility, incentivi s ation and support mechanisms. Some o f the key strategies implemented by the DFSA include : • I ntroducing themed sandbox such as the T okenisation S andbox launched earlier this year ; • A llowing fintechs to participate in the sandbox with proportionate regulatory re quirements including waivers and modi fications from re gulations during the testing period ; • D esigning streamlined and transpa rent application process with clear timelines and expectations ; • P roviding regulatory guidance through closed supervision to enable participants' success in the programme . Initiatives such as the DFSA's Tokenisation Regulatory Sandbox underscores the DFSA's commitment to enable innovation in a way that is responsible, informed, and aligned with global regulatory best practice – supporting the DIFC's position as a leading hub for digital finance, and aligning with Dubai's Economic Agenda D33, which aims to make Dubai one of the world's top four global financial hubs by 2033 . As previously mentioned, our sandbox , will allow us to observe how innovative technologies perform in a controlled environmen t which will in turn enable us to identify potential risks, benefits and gaps in existing regulation – resulting to more informed balanced, and adaptive rulemaking . Read:
