The Central Bank of the UAE (CBUAE) has officially launched the Open Finance Regulatory Framework, establishing the foundation for a new era of financial services innovation in the Emirates.
Key Highlights
- Trust Framework Operator: Al Tareq has been designated as the official trust framework operator
- Phased Rollout: Implementation begins with major banks in the first phase
- API Standards: Standardized APIs for account information, payments, and confirmation of payee
What This Means
This regulatory framework positions the UAE as a leader in the GCC region for open finance adoption, following successful models in the UK, EU, and Brazil.