The Securities and Commodities Authority (SCA) in the UAE has introduced the region’s inaugural “Finfluencer” license—an innovative regulatory milestone aimed at formalizing and overseeing digital financial content.
This groundbreaking initiative aims to create a transparent governance framework for individuals providing investment analysis, recommendations, and financial promotions across digital platforms. It is designed to promote investor protection within the UAE.
Commenting on the initiative, 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 an enabler of transformative change, adopting forward-thinking regulatory models that evolve with the fast-paced dynamics of the financial and investment landscape.”
This initiative is part of a broader package of incentive measures adopted by the SCA to align its regulatory framework with the rapidly changing landscape of digital finance.
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Eligibility criteria for the Finfluencer license
The SCA has waived registration, renewal, and legal consultation fees associated with this service for a duration of three years. This aligns with efforts to reduce government bureaucracy and promote financial innovation within a robust legal and regulatory framework.
The license is available to individuals who provide financial or investment recommendations related to regulated products or entities within the UAE through either digital or traditional media. Eligible applicants must register with the SCA and adhere to all applicable regulatory obligations, ensuring the highest standards of investor protection and reinforcing public trust in local capital markets.
A Finfluencer is defined as an individual registered with the SCA to offer financial recommendations concerning the purchase, sale, or holding of a financial product or virtual asset, or to provide guidance related to a financial service or any local resource within the country. This can be accomplished through various media channels, including traditional or modern platforms, participation in seminars, meetings, or forums, blogging, and public appearances by any means, as well as through statements, opinions, or analyses regarding the present or future value, price, or expected performance.
This definition also encompasses individuals who engage the public with content, visuals, advice, recommendations, discussions, information, analyses, opinions, or reports related to financial investments or specific financial products within the country.
This initiative is central to the SCA’s comprehensive strategic vision of enhancing the UAE’s status as a leading regional and global financial hub. By adopting agile and forward-looking regulatory approaches, the SCA reaffirms its commitment to preserving market integrity, advancing financial literacy, and aligning with international best practices in the swiftly evolving digital financial landscape.
UAE tops global rankings in digital transformation
The UAE has secured the top global position in telecommunications infrastructure, digital government frameworks, and digital content, as highlighted in the “State of Digital Transformation Report” released by the UAE’s Higher Committee for Government Digital Transformation during the Digital Readiness Retreat.
The report outlines the UAE government’s digital achievements across 12 sectors, including finance, health, education, and logistics.
Ohood bint Khalfan Al Roumi, UAE minister of State for Government Development, emphasized that digital transformation is crucial to the UAE leadership’s vision of reducing bureaucracy and enhancing quality of life.
Moreover, in AI readiness, the UAE ranks first globally in telecommunications infrastructure and digital knowledge. It also topped the Government AI Readiness Index 2024 by Oxford Insights and placed third in service delivery. Significant efficiency gains have been noted, with AED368 billion saved for users and AED20 billion in government cost reductions, along with a reduction of 55.8 million tons of carbon emissions.
Additionally, in 2024, federal entities processed 173.7 million digital transactions, with federal websites attracting 131.5 million visits. The satisfaction rate for digital services reached 91 percent, benefiting over 57 million users. Currently, there are 460 active digital transformation projects.
Key sector achievements include 10.8 million users of UAE Pass, 5.2 million tax transactions, and significant digital advancements in healthcare, education, and community services. The identity and residency sector processed millions of renewals and applications, while environmental authorities handled thousands of certificates and clearances, showcasing the UAE’s comprehensive digital transformation efforts.
