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  • Introduction and Scope

    This Open Finance Regulation (this Regulation) establishes a framework for the licensing, supervision and operation of an Open Finance Framework in the United Arab Emirates. The Open Finance Framework consists of a Trust Framework, an API Hub and Common Infrastructural Services, which provide Open Finance access for the cross-sectoral sharing of data and the initiation of Transactions, on behalf of Users.

    • Mandated Entities

      Participation in the Open Finance Framework is mandatory for all Licensees with respect to the Products and Services within its scope. Licensees (as Data Holders and Service Owners) are required under this Regulation to provide participants in the Open Finance Framework (as data recipients and service initiators) with access to customer data and the ability to Initiate Transactions on customer Accounts and Products.

      Data Sharing and Service Initiation of Transactions is in all cases subject to the express consent of Users, the application of appropriate authentication processes and the use of secure communication. This Regulation and the rights of access to data and Accounts established hereunder, do not apply with respect to activities that are not regulated by the Central Bank.

      Licensees mandated by this Regulation to provide Open Finance access include the following entities:

      a.Banks incorporated in the UAE.
      b.branches of foreign Banks/representative offices of foreign Banks.
      c.specialized Banks.
      d.restricted license Banks.
      e.Islamic Banks and Islamic windows.
      f.Finance Companies.
      g.payment service providers (category 1/2/3/4).
      h.retail payment systems providers.
      i.stored value facility providers.
      j.exchange houses.
      k.loan-based crowdfunding companies. 
      l.Insurance Brokers.
      m.Insurance Companies (national companies and foreign branches).
      n.any other entity deemed to be a relevant Licensee by the Central Bank.

      The Licensees which are mandated to provide Open Finance access, pursuant to this Regulation, will be onboarded in phases. The first phase will include all Banks, including branches of foreign banks, and Insurance Companies (national companies and foreign branches) only. Later phases of the onboarding will be announced by the Central Bank through official channels.

    • Open Finance Providers and their Licensing

      In order to facilitate the adoption of Open Finance and the participation of businesses as licensed Data Sharing Providers and/or Service Initiation Providers, this Regulation establishes a new category of regulatory license for providers of Open Finance Services. Open Finance Providers will be the holders of such a license, which enables them to undertake Data Sharing and/or Service Initiation.

      Providers of Open Finance Services can opt for either one or both of the options to undertake Data Sharing or Service Initiation under an Open Finance License.

      Without prejudice to other regulatory licenses that they hold, an Open Finance License will not permit license holders to perform any other category of licensed activity and, in particular, will not entitle license holders to provide any form of Advice or to arrange or mediate Transactions in licensed activities, or hold customer funds in any form. Open Finance Providers must separately obtain or hold the additional regulatory licenses required to undertake any other licensed activity or activities.

    • Persons Deemed Licensed

      Certain categories of Licensees, as specified in Article 3 of this Regulation, are treated as Persons Deemed Licensed. A Person Deemed Licensed must notify the Central Bank in writing of the intention to provide any Open Finance Service, setting out full details of its intended activities, and obtain the approval of the Central Bank prior to commencing such activities.

    • Articles Applicable to Licensees

      All Licensees, whether or not they are engaged in the provision of Open Finance Services, must comply with the requirements of this Regulation with regard to Data Sharing and Service Initiation by Users through Open Finance Providers and specifically the requirements in Articles 18 to 22 of this Regulation.