First robo-adviser in DIFC gets approval

Robo-adviserSarwa Digital Wealth, a robo-advice firm, has gained in-principle approval for a new type of licence in the Dubai International Financial Centre (DIFC). It is the first example of an “innovation testing licence”, which was created by the DIFC's regulator to meet the needs of start-up companies working in financial technology. Sarwa was one of 12 start-ups to participate in an accelerator programme launched by the DIFC in January called FinTech Hive. Raja Al Mazrouei, acting executive vice president of the programme, said Sarwa's impending licence was “a true testament to the success of FinTech Hive”. Sarwa's online service asks users questions to determine their investor profile before creating a personalised, low-cost portfolio, which users can manage on the website. The service promises, “no hidden fees, no additional transfer, trading or rebalancing fees so we don’t eat away your savings”. ©2017 funds global mena

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