Open Finance Regulation UAE
United Arab Emirates2024PaymentsConsumer ProtectionOverview
Key Obligations
- Provide user-authorized access to customer data and service initiation
- Implement robust consent, authentication, and security protocols
- Use the CBUAE API Hub and Trust Framework for standardized connectivity
- Ensure compliance with governance, IT security, and control standards
- Support interoperability across financial and insurance services
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Related Regulations
FAQ
Who must comply?
All entities licensed by CBUAE, starting with banks and insurers.
What infrastructure supports the framework?
The API Hub, Trust Framework, and Common Infrastructure Services provided by CBUAE.
Is customer consent mandatory?
Yes. Data sharing and service initiation require explicit user consent.
How is this different from Open Banking?
It goes beyond payments to cover banking, insurance, savings, loans, FX, and more, making it broader than traditional open banking.