Al Etihad Payments, a subsidiary of the Central Bank of the UAE (CBUAE), has introduced Open Finance in collaboration with Core42, a G42 company specializing in AI solutions. This initiative, which is part of the CBUAE’s Financial Infrastructure Transformation (FIT) Programme, aims to enhance the UAE’s financial services sector.
The signing ceremony, attended by Khaled Mohamed Balama, Governor of the CBUAE, marked the beginning of the implementation of Open Finance in the UAE. Through a partnership with Core42, Al Etihad Payments is paving the way for a consolidated trust framework and a centralized API hub, making the UAE the first country globally to achieve this milestone.
Open Finance empowers customers to securely share their financial data with regulated third parties, initiate payments, and access a wide range of financial services. By promoting innovation and customer-centricity, this initiative is set to revolutionize the financial services landscape in the UAE.
Fatma Al Jabri, Assistant Governor for Financial Crime, Market Conduct, and Consumer Protection at the CBUAE, emphasized the significance of Open Finance in advancing the UAE’s financial sector. She highlighted the benefits of digital financial services, emphasizing the importance of consumer control and access to diverse financial products.
The implementation of Open Finance is expected to accelerate the adoption of digital financial services, offering safer and more innovative products to consumers. The seamless financial experience facilitated by Open Finance will ensure efficient access to financial services and enhance digital financial inclusion in the UAE.
