Major Developments of 2021
1- Develop the necessary regulatory framework to create the appropriate environment to accommodate and encourage financial innovations.
· Preparing draft instructions for “Licensing Electronic Platforms for Selling Non-Banking Financial Services and Providing Compilation and Comparison Service”.
· Developing and operating the Regulatory Sandbox and provide the necessary regulatory and legal environment for its operation.
· Providing a new monitoring tool “No Objection Letter”.
2-Provide the appropriate environment for the development of innovative financial products.
- Developing the suitable legal environment for the work of micro-insurance.
- Stimulating crowdfunding services.
Reality of the Sector
Since the launching of the “EBTAKER” platform in March 2021, thirteen requests for innovative solutions and applications have been received through the platform, as shown in diagram (1) below. These applications were followed up and the necessary guidance and support were provided. During the same year, no-objection letters were granted to two innovations in the insurance sector.
The innovations received via the platform can also be categorized by sector as shown in diagram (2). As noticeable, the insurance sector enjoys the largest proportion of the number of incoming innovations, followed by innovations related to the financial leasing and securities sectors.