UAE's Open Finance Regulation: A Comprehensive Framework for Financial Innovation

UAE, 9 May, 2024 : The Open Finance Regulation in the UAE establishes a comprehensive framework governing the licensing, supervision, and operation of Open Finance. This framework includes components like the Trust Framework, API Hub, and Common Infrastructural Services, facilitating cross-sectoral data sharing and transaction initiation for users. All relevant license holders are mandated to participate in this framework.

Additionally, the Central Bank is empowered to issue regulatory technical standards to provide further guidance and requirements to Open Finance Providers. The regulation will be implemented gradually, with amendments to existing regulations, such as the Retail Payment Services and Card Schemes Regulation. Notably, the Category IV License is discontinued under this new regulatory regime.

Notice No. : CBUAE/BIS/2024/2319

Source : www.centralbank.ae

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