Regulatory Alerts2025-07-22
Open Finance Regulation
The Central Bank of the United Arab Emirates issued the Open Finance Regulation to establish the licensing, supervision, and operational framework for an Open Finance ecosystem comprising an API Hub and licensed financial institutions. The regulation mandates participation for specified entities, requiring them to provide secure data sharing and transaction initiation services to third-party providers upon user consent. It sets out comprehensive minimum requirements for licensees and the API Hub, covering capital, governance, risk management, and consumer protection to ensure safety, soundness, and innovation in the financial sector.
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