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| 22 November, 2017

UAE central bank says looking at crowdfunding regulation

Vehicles stop at a red light in front of the main branch of UAE Central Bank in Abu Dhabi.

Vehicles stop at a red light in front of the main branch of UAE Central Bank in Abu Dhabi.

REUTERS/Ben Job

Objective of the move is to licence crowdfunding platforms, which are currently not licenced: Central Bank Governor

ABU DHABI - The UAE central bank is looking at regulation for crowdfunding in the emirates as part of measures to boost financing for small and medium enterprises (SMEs), its governor said on Wednesday,

"We are looking at crowdfunding regulation which will help SMEs," Mubarak Rashed al-Mansouri told a banking forum in Abu Dhabi.

He said the objective of the move is to licence crowdfunding platforms, which are currently not licenced.

Regulators in the United States and Britain are among those countries that have introduced rules for crowdfunding, which is becoming an increasingly important source of cash for small and medium-sized enterprises.



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(Reporting by Stanley Carvalho and Saeed Azhar; Editing by Tom Arnold) ((Saeed.Azhar@thomsonreuters.com; +971 44536787; Reuters Messaging: saeed.azhar.reuters.com@reuters.net))