The SCA has officially launched the region’s first “Finfluencer” license - an innovative regulatory milestone aimed at formalizing and supervising digital financial content. This ground-breaking initiative seeks to establish a clear governance framework for individuals offering investment analysis, recommendations, and financial promotions across digital platforms. This initiative is designed to enhance investor protection in the UAE.
Commenting on the initiative, H.E. Waleed Saeed Al Awadhi, CEO of the SCA, stated: “Introducing the Finfluencer license is not merely a regulatory measure; it is a strategic move to redefine the role of regulators in the digital economy. Through this initiative, the SCA aspires to elevate global benchmarks of market integrity, foster transparency, and nurture a disciplined and trustworthy financial environment. The SCA positions itself as enablers of transformative change, adopting forward-thinking regulatory models that evolve with the fast-paced dynamics of the financial and investment landscape.”
This initiative comes as part of a package of incentive measures adopted by the SCA to align its regulatory framework with the fast-moving landscape of digital finance. The SCA has waived registration, renewal and, legal consultation fees related to this service, for a period of three years. This is in line with efforts to eliminate government bureaucracy and promote financial innovation within a robust legal and regulatory framework.
The license is available to individuals who offer financial or investment recommendations related to regulated products or entities within the UAE through digital or traditional media. Eligible applicants must register with the SCA and comply with all applicable regulatory obligations, ensuring the highest standards of investor protection and reinforcing public trust in the local capital markets.
A finfluencer is an individual registered with the SCA to provide financial recommendations related to the purchase, sale, or holding of a financial product or virtual asset, or to offer recommendations related to a financial service or any local resource within the country. This may be done through traditional or modern media channels, such as various written or audio social media platforms, participation in seminars, meetings, or forums, blogging, public appearances by any means, or through statements, opinions, or analyses about the present or future value, price, or expected performance. It also includes individuals who engage the public through content, visuals, advice, recommendations, discussions, information, analyses, opinions, or reports related to financial investments or specific financial products within the country.
This initiative is integral to the SCA’s overarching strategic vision of elevating the UAE’s position as a leading regional and global financial hub. By embracing agile and forward-looking regulatory approaches, the SCA reaffirms its commitment to safeguarding market integrity, advancing financial literacy, and aligning with international best practices in the rapidly evolving digital financial landscape.