The Central Bank of The UAE (CBUAE), through its subsidiary Al Etihad Payments, has partnered with Core42, a subsidiary of AI firm G42 based in Abu Dhabi, to implement open finance nationwide.

Core42 specializes in providing infrastructure and IT solutions for businesses focusing on digital transformation using advanced technologies.

Al Etihad Payments, as part of the CBUAE's Financial Infrastructure Transformation (FIT) programme, aims to establish global standards for open finance by collaborating with Core42. The initiative will be implemented in phases, starting with open banking and then expanding to open insurance, with the goal of reaching a majority of customers within the year.

Additionally, the CBUAE has enlisted the support of UK-based open banking technology providers Ozone API and Raidiam, who are part of a consortium led by Core42 to assist in fulfilling the CBUAE objectives.

The UAE stands as the first country to implement a unified trust framework and centralized API hub. This innovative system facilitates a secure connection to access comprehensive banking and insurance markets. Notably, access is exclusively granted to third-parties regulated by the CBUAE and with customer consent, ensuring stringent compliance protocols.