FinTech, short for “Financial Technology”, describes new tech that improves and automates financial services. Traditionally used by large financial institutions, emerging fintech has taken a turn to ease consumer-oriented services.
With the vision to drive the future of finance for innovation-driven growth in Dubai, the DIFC has established an Innovation Hub and Fintech Hive that nourishes start-ups by providing them with cost-effective operating and regulatory licenses. The DIFC also provides Innovation Testing Licence (ITL) to establish proof of concept covering wide range of technology services such as artificial intelligence-enabled wealth management, machine learning-enabled and Blockchain-based SME micro financing, escrow services, money transmission, stored value, payment initiation, and account information service providers.
Our team is glad to support you to be able to unlock the value for your business keeping your needs, our quality focus, and ethics at the core. Our services are tailored to assist FinTech based business models:
The need for proper governance- All Institutions should establish an approved and documented governance framework for effective decision-making and proper management and control of risks arising from the use of Big Data Analytics and AI.
Accountability & Auditability -The Governing Body and Senior Management of the Institution should remain accountable for the outcomes and decisions of their Big Data Analytics and AI Applications including those Applications that make decisions on behalf of the Institutions.
Design Assurance- Institutions should ensure that the models for their material Big Data Analytics and AI Applications are reliable, transparent and explainable, commensurate with the materiality of those Applications.
Management and monitoring: Institutions should establish an approved and documented framework to review the reliability, fairness, accuracy and relevance of the algorithms, models and Data used prior to deployment of a material Big Data Analytics and AI Application and on a periodic basis after deployment, to verify that the models are behaving as designed and intended.
Customer protection: Institutions should be transparent with Customers about their use of Big Data Analytics and AI through their conduct and through accurate, understandable and accessible plain language disclosure.
As auditors we would most certainly ensure for Ethics Check -Institutions should ensure that their Big Data Analytics and AI Applications promote fair treatment, produce objective, consistent, ethical and fair outcomes and are aligned with the Institutions’ ethical standards, values and codes of conduct.