Powered by DFSA license, CFS DIFC Limited gears up for strategic collaborations and global expansion
CFS DIFC Limited, a leading insurance intermediary and financial services provider, has secured the Dubai Financial Services Authority (DFSA) licence to advise on financial products and arrange deals in investments related to long-term insurance contracts. The financial hub’s growing stature as a framework that facilitates global expansion and market collaborations encouraged CFS DIFC Limited to procure the DFSA license.
Founded in 1994, The Continental Group (CFS DIFC Limited) boasts a long pedigree in the insurance profession in the region. Under the tutelage of Founder Ashok Sardana, the company has expanded to five countries, with over 250 staff operating from 10 offices. Joining Dubai International Financial Centre (DIFC), the leading global financial centre in the Middle East, Africa and South Asia (MEASA) region, comes as a catalyst on the back of the company’s decision to expand its capabilities by offering contemporary solutions attuned to the multi-generational requirements of global HNW and UHNW clients.
“DIFC platform has, over the years, amassed an international reputation for credibility, security, and leading innovation. So, by association, we intend to supercharge our aspirations of serving clients across the globe through sophisticated solutions — all via a trusted framework in DIFC. Looking forward to catching up with clients and partners at the new headquarters in the financial centre,” said Ashok Sardana.
Total number of registered companies grew from 3,297 to 4,031, a 22 per cent year-on-year growth; 537 new companies join DIFC in H1 2022, a 11 per cent year-to-date increase; FinTech and innovation companies continue to be key growth drivers, increasing from 406 to 599, up 23 per cent year-on-year;
DIFC has indeed emerged as a byword for financial innovation in recent years. In H1 2022, 537 new companies joined DIFC, taking the total tally to 4,031, which includes 17 of the top 20 banks and five of the top 10 insurance companies in the world. Most importantly, FinTech and related companies increased from 406 to 599 in the said period, up 23% year-on-year.
“The Continental Group’s entry into the DIFC opens opportunities for strategic collaborations. There is tremendous potential for synergistic value creation between global partners and an organization with a sizable client base and unparalleled longevity in the region. In a globalized world with an ever-evolving investment landscape and value propositions, such collaborations will redefine ‘opportunities’ for clients,” added Ashok Sardana.
Through its podcast and webinar, The Continental Group has been advocating for the financial empowerment of women, wealth creation, and strategic asset allocation while raising awareness of various insurance offerings, their necessities and their sustainable features. The decision to associate with the DIFC was also fuelled by the company’s market insights pertaining to the availability and accessibility of sophisticated international protection solutions in the region.
DIFC’s regulatory framework, which is predicated on the internationally recognized English Common Law, facilitates a perfect avenue to develop sustainable structures for HNW and UHNW clients hoping to diversify their portfolios. “Trust, transparency, and technology are the 3Ts that The Continental Group attributed to establishing an office in the DIFC. We want to embed these three in our work as we gear up for the next growth cycle of global expansion and collaborations with asset managers, corporate service providers and private banks, among others,” asserted Ashok Sardana.
Dubai Financial Services Authority
The Dubai Financial Services Authority (DFSA) is the sole independent regulator of all financial and ancillary services conducted through the Dubai International Financial Centre (DIFC), a purpose-built free zone in Dubai.
The DFSA's regulatory mandate covers asset management, banking and credit services, securities, collective investment funds, custody and trust services, commodities futures trading, Islamic finance, insurance, an international equities exchange and an international commodities derivatives exchange.
Continental develops pioneering technologies and services for sustainable and connected mobility of people and their goods. Founded in 1871, the technology company offers safe, efficient, intelligent and affordable solutions for vehicles, machines, traffic and transportation. In 2017, Continental generated sales of around €44 billion and currently employs more than 238,000 people in 61 countries.