CBUAE Launches Project Aperta to Enhance Cross-Border Open Finance

UAE, 18 October, 2024 :  The Central Bank of the UAE (CBUAE) announced its collaboration on **Project Aperta**, a major initiative aimed at enhancing cross-border financial interoperability. In partnership with the Bank for International Settlements Innovation Hub (BISIH), CBUAE seeks to connect open finance infrastructures across multiple jurisdictions, improving the ease and security of cross-border data exchange for financial institutions and businesses.

The project's first use case will focus on trade finance for small- and medium-sized enterprises (SMEs), facilitating faster data transfer related to shipping, reducing costs, and accelerating international trade. The network will also enable cross-border portability of business and consumer financial data for opening accounts abroad.

CBUAE Governor H.E. Khaled Mohamed Balama emphasized the initiative's potential to stimulate innovation in financial services and bolster the UAE's position as a leader in the digital economy. He highlighted that Project Aperta's trusted digital network could expand access to financial products, promote sustainable growth, and support global financial stability.

Source : www.centralbank.ae