UAE unveils open finance regulation to boost digital financial services

This new regulation mandates that all financial institutions under the CBUAE’s supervision participate in the open finance framework. This includes ensuring that the financial products and services they offer align with the stipulated guidelines.

Under this new regulation, licensed financial institutions (LFIs), acting as data holders and service owners, are compelled to grant access to customer data and transaction initiation capabilities to participants in the Open Finance Framework. This access is contingent on obtaining explicit consent from users, prioritising their needs and security in financial transactions.