Circular C 6/2023. Lets eligible UAE start-ups and Financial Free Zone companies test innovative Licensed Financial Activities for six to 12 months under Central Bank supervision (Art. 11), with written consumer consent (Art. 7-1(b)(vii)) and safeguards such as escrow of consumer funds (Art. 9). Deposit-taking and insurance are excluded, and licensed financial institutions cannot participate.
The Reserve Bank of India imposed a monetary penalty of ₹3.10 lakh on Ola Financial Services Private Limited for non-compliance with KYC directions under the Payment and Settlement Systems Act, 2007. Following a…
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