open financedata sharingconsumer consentfinancial technology The Central Bank of the UAE (CBUAE) issued the Open Finance Regulation to promote innovation, competitiveness, and efficiency in financial services. It mandates participation in the open finance framework for all CBUAE-supervised financial institutions, enabling them to access and utilize consumer financial data with user consent to create personalized experiences and tailored offerings.
Key requirements
- Licensed financial institutions (LFIs) must provide participants in the Open Finance Framework with access to customer data.
- LFIs must enable the initiation of transactions on accounts and products, subject to user consent.
- LFIs must utilize a consumer consent model for sharing financial data with trusted third parties.
- Participation in the open finance framework is mandatory for all CBUAE-supervised financial institutions.
Applies to: All financial institutions subject to the supervision of the CBUAE