Wednesday 16 July 2025 Abu Dhabi UAE 34 °C
Prayer Timing
Today's Edition
Today's Edition
Business

Central Bank issues Open Finance Regulation to ensure service efficiency and promote innovation

Central Bank issues Open Finance Regulation to ensure service efficiency and promote innovation
28 June 2024 08:41

Abu Dhabi (ALETIHAD)

The Central Bank of the UAE (CBUAE) issued on Thursday the Open Finance Regulation to ensure the soundness and efficiency of open finance services, encourage innovation, enhance competitiveness, achieve consumers’ interests, and reinforce the UAE’s status as a leading financial technology hub.

According to the regulation, which is part of the CBUAE’s Financial Infrastructure Transformation programme, participation in the open finance framework is mandatory for all financial institutions subject to the supervision of the CBUAE, with respect to the products and services within their scope.

The licensed financial institutions (LFIs) as data holders and service owners are required to provide participants in the Open Finance Framework with access to customer data and the ability to initiate transactions on accounts and products, in all cases subject to the express consent of users to provide services in line with their needs.

The Open Finance Framework facilitates LFIs to access and utilise consumer’s financial data to create personalised experiences and tailor offerings to consumers’ needs. Consumers can consolidate their financial information through the enablement of seamless data sharing across platforms.

Copyrights reserved to Aletihad News Center © 2025
We use "Cookies" to give you the best personalized experience. "Click Here" to know more about how it is used
Accept Reject