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Thursday 13 June 2024

Thursday 13 June 2024

The CBUAE issues its 2023 Annual Report

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Open Finance

Open finance is a secure way for financial institutions to open their systems to accredited third-party providers.

Using customers’ consented financial data to build applications and innovative financial services can create solutions that provide retail, SME, and corporate consumers with better ultimate control over their information.

Ultimately, this system can offer customers greater choice in their financial services, and provide better service value.

Related Links

FinTech & Digital Transformation

FinTech Regulatory Development

Aber

Sandbox Initiatives

Open finance vision

Our vision for open finance is to stimulate innovation across the UAE’s financial sector by encouraging more consent-driven, data-rich, collaborative, secure and customer-centric digital business and service models. Achieving this vision will deliver greater clarity and control to customers, so that they can manage their finances better.

Open finance roadmap

  • Strategy and vision development

  • Release of industry note

  • Stakeholder consultations

  • Regulatory design

  • API prioritisation

  • Design the UAE Open Finance Playbook

  • Develop the digital infrastructure

  • Test and run pilots

  • Enhance capabilities

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Last updated on: Thursday 28 July 2022

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