An open banking and embedded finance platform has recently secured in-principle approval from the Central Bank of the United Arab Emirates (CBUAE). This milestone follows the introduction of the UAE’s Open Finance regulation and marks the third national regulatory license obtained by the platform, complementing similar approvals in Bahrain and Saudi Arabia.
The technology provided by the platform allows regulated financial institutions, lenders, insurers, and digital platforms to utilize customer-permissioned financial data. This capability enhances real-time credit assessments, income verification processes, and enables personalized financial offerings. By integrating these features into partner platforms, the platform aims to create inclusive, intelligent, and broadly accessible financial services at scale.
A representative of the platform emphasized that this step forward is critical for promoting financial inclusion in the UAE and the wider region. The collaboration with the Central Bank is seen as a way to help fulfill the national vision for Open Finance. The infrastructure delivered by the platform offers real-time, data-driven products including credit cards tailored for underserved populations and embedded financing options for small and medium enterprises (SMEs). The goal is to generate genuine economic value and improve access to financial services where they are most needed.
With established real-time connections to all major banks in Saudi Arabia and Bahrain, along with recent regulatory clearance in the UAE, the platform is now in a strong position to expand embedded finance and open banking services throughout the Middle East. Its commitment to inclusive design and impactful infrastructure differentiates it in the rapidly evolving financial services landscape.