This regulatory framework aims to enhance the efficiency of open finance services, drive innovation, boost competitiveness, and position the UAE as a leading fintech hub.

It mandates all CBUAE-supervised financial institutions to participate in the open finance framework, ensuring access to customer data and the ability to initiate transactions with user express consent to meet consumer needs. The framework supports personalized offerings through seamless data sharing, facilitated by common infrastructural services, a trust framework, and API hub.

Governor H.E. Khaled Mohamed Balama emphasized its global impact, accelerating digital financial service adoption, empowering consumers, and enhancing sector competitiveness worldwide.

Stay tuned for our upcoming detailed article on the new CBUAE Open Finance Regulation.