Participating firms and regulators BOX 2 Participating firms Credore (India) Empeiria (UAE) Enigio (Sweden) Haifin (UAE)IOTA Trade Worldwide Information Network (TWIN) (Germany) Jetstream Africa (Ghana) Medad Holdings (UAE) Voy Finance (Estonia) Regulators Central Bank of the United Arab Emirates (CBUAE): As the UAE’s central monetary authority, the CBUAE plays an important role in safeguarding the nation’s financial and monetary stability. Within the sandbox, the CBUAE explored innovative trade finance solutions and digital bank guarantees, with a focus on ensuring monetary compliance, reducing fraud and improving efficiency in regulated financial environments. Financial Services Regulatory Authority (FSRA): The ADGM’s Financial Services Regulatory Authority was established to advocate a progressive financial services environment and uphold the integrity of the whole international financial centre by managing any potential risk exposure and limiting undesirable impacts. FSRA provided a flexible yet robust environment for companies working on digital identity, decentralized finance (DeFi) and blockchain-based trade finance innovations.Dubai Financial Services Authority (DFSA): DFSA is the independent financial regulator of the Dubai International Financial Centre (DIFC). In the sandbox, DFSA supported testing of MLETR-compliant trade documentation tools, exploring the legal enforceability and integration of electronic transferable records in cross-border transactions. Regulations Lab (RegLab): RegLab, the UAE’s dedicated innovation initiative for regulatory experimentation established by the Ministry of Cabinet Affairs, focuses on creating a collaborative ecosystem for start-ups and regulators. During this initiative, RegLab provided early-stage support for innovative credit scoring and financial inclusion models, particularly targeting underserved trade corridors such as UAE–Africa. Advancing Digital Trade: Insights from the UAE TradeTech Regulatory Sandbox 8

Advancing Digital Trade 2025