Accounts and Products in Scope of Open Finance
Article (5) Accounts and Products
An Account or a Product is within the scope of this Regulation where it relates to any of the following offered or issued by a Licensee:
1.1 deposits; 1.2 payment accounts and services; 1.3 savings accounts and term deposits; 1.4 credit, debit and charge card accounts and products (including acquiring and processing card transactions); 1.5 standing orders; 1.6 direct debits; 1.7 stored value facilities and prepaid payment accounts; 1.8 post-paid payment accounts; 1.9 foreign exchange accounts and products; 1.10 credit, loans and any other personal finance accounts and products; 1.11 mortgages and other loans secured on property or other assets; 1.12 virtual accounts or products providing for the items specified in 1.1 – 1.11 above; and 1.13 insurance products, including life and general insurance. - The Central Bank may, from time to time, amend or supplement the list in Article 5(1) of this Regulation.
- The list in Article 5(1) of this Regulation shall not include accounts or products regulated by the Securities and Commodities Authority, unless approved by the Securities and Commodities Authority.