Al Etihad Payments Debuts Open Finance in The UAE
Al Etihad Payments (AEP), a subsidiary of the Central Bank of the UAE (CBUAE), has initiated a partnership with Core42, a G42 company specializing in full-spectrum AI enablement solutions.
This collaboration signifies the beginning of the implementation of Open Finance within the UAE, a key initiative within the CBUAE’s Financial Infrastructure Transformation (FIT) Programme.
This launch aligns with the UAE’s comprehensive vision to set global standards for the open finance sector. It builds upon successful precedents, aiming to establish the most robust open finance mechanism globally. Pioneering in this endeavor, the UAE becomes the first country to implement a consolidated trust-framework and centralized API hub.
This infrastructure enables a secure single connection to access the entire banking and insurance markets. Access is strictly regulated, ensuring that only third parties regulated by the CBUAE gain access, with customer consent. This initiative is also an essential part of the CBUAE’s ongoing efforts to achieve its vision and strategic objectives, by providing new opportunities in the financial services sector including enhancing digital financial inclusion.
Open Finance provides a platform that gives customers the power and capability to securely and efficiently share the data of their financial products with third parties or other financial institutions.
Commenting on it, Fatma Al Jabri, Assistant Governor for Financial Crime, Market Conduct & Consumer Protection at the CBUAE, said,
“The implementation of Open Finance marks a significant advancement in the UAE’s financial services industry and its financial infrastructure transformation. It will accelerate the adoption of digital financial services, providing more innovative and safer digital financial products and services in the country. In addition, it will provide a seamless financial experience, ensuring consumers have control over their finances and efficient access to a diverse range of financial products.”
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