Open Finance Regulation UAE
United Arab Emirates
2024
Payments
Consumer Protection
Overview
The Central Bank of the UAE (CBUAE) issued the Open Finance Regulation to enable secure, consent-driven data sharing and transaction initiation across sectors. It introduces a Trust Framework, API Hub, and Common Infrastructure Services to standardize integration and ensure strong customer protections.It applies to all CBUAE licensees including banks, finance companies, insurers, PSPs, exchange houses, and crowdfunding platforms, with phased implementation beginning with banks and insurers.
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
FAQ
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