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Objectives

In exercising its powers and functions under this Regulation, the Central Bank has regard to the following objectives:

a.Ensuring the safety and soundness of Open Finance Services;
b.Adoption of effective and risk- based licensing requirements for Data Sharing and Service Initiation;
c.Promoting the reliability and efficiency of Open Finance Services as well as public confidence;
d.Encouraging innovation to promote competition and to benefit consumers through. enhanced transparency across all financial products and services; and
e.Reinforcing the UAE's status as a leading financial technology hub in the region.
 Where this Regulation, or its accompanying Regulations, includes a requirement to provide information or to take certain measures, or to address certain items listed at a minimum, the Central Bank may impose requirements that are additional to those provided in the relevant article.