Central Bank of UAE grants Open Finance license to Spare
The United Arab Emirates (UAE) has seen a significant development in the financial technology sector with the recent approval of Spare and Lean Technologies to operate under the country's Open Finance regulatory framework.
Spare, an Open Finance infrastructure provider, has received in-principle approval from the Central Bank of the UAE (CBUAE) to operate under the country's Open Finance regulatory framework. This approval positions Spare among the first companies moving towards full regulatory authorization under the UAE's Open Finance framework.
The UAE's well-defined regulatory framework was a key factor in Spare's decision to enter the market. Spare's CEO, Dalal AlRayes, stated that the UAE is a strategically important market for Open Finance. She considers the UAE's regulatory framework clear and there is strong momentum in digital financial services in the UAE.
The approval reflects Spare's commitment to secure, compliant, and user-centric financial innovation across the region. Spare delivers Open Finance solutions that power account aggregation, Open Banking payments, and financial data connectivity. The platform enables capabilities such as recurring payments, future dated payments, account aggregation, identity verification, and risk assessment.
Spare's expansion into the UAE is a recent development. The company is licensed by the Central Bank of Bahrain and operates in Saudi Arabia, Bahrain, UAE, and Kuwait.
Another company, Lean Technologies, has also gained regulatory approval under the UAE's Open Finance framework. The approval of these two companies is a strong vote of confidence in their technology, responsible innovation, and long-term vision for Open Finance in the region.
The Central Bank of the UAE established its Open Finance Regulation recently. The UAE's Open Finance regulatory framework is a key part of Spare's regional expansion strategy.
Meanwhile, the Abu Dhabi Commercial Bank (ADCB) is actively participating in the UAE's Open Finance ecosystem, having completed the first transaction on the Open Finance platform. However, it is referred to as a bank facilitating Open Finance rather than explicitly receiving In-Principle Approval (IPA) from the CBUAE.
As the UAE continues to embrace digital financial services, the approval of companies like Spare and Lean Technologies marks a significant step forward in the country's Open Finance journey.
[1] Spare Announces In-Principle Approval for Open Finance Licence from the CBUAE
[2] Spare receives in-principle approval for Open Finance licence from the CBUAE
[3] ADCB completes first transaction on Open Finance platform in UAE
[4] Spare and Lean Technologies receive in-principle approval for Open Finance operations in the UAE
[5] Spare receives in-principle approval for Open Finance licence from the CBUAE
Spare, an Open Finance infrastructure provider, has been granted in-principle approval from the Central Bank of the UAE (CBUAE) to operate under the country's Open Finance regulatory framework, signifying a significant step forward in the company's strategy to expand in the region. This approval positions Spare among the first companies moving towards full regulatory authorization under the UAE's Open Finance framework.
Another tech company, Lean Technologies, has also gained regulatory approval under the UAE's Open Finance framework, reinforcing the confidence in their technological innovations and long-term vision for Open Finance in the region.
The UAE's well-defined regulatory framework was a key factor in Spare's decision to enter the market. The Central Bank of the UAE established its Open Finance Regulation recently, positioning the UAE's Open Finance regulatory framework as a key part of Spare's regional expansion strategy.
The Abu Dhabi Commercial Bank (ADCB) is actively participating in the UAE's Open Finance ecosystem, having completed the first transaction on the Open Finance platform. The bank is facilitating Open Finance rather than receiving In-Principle Approval (IPA) from the CBUAE.
Meanwhile, Spare delivers Open Finance solutions that power account aggregation, Open Banking payments, and financial data connectivity, enabling capabilities such as recurring payments, future dated payments, account aggregation, identity verification, and risk assessment. As the UAE continues to embrace digital financial services, the approval of companies like Spare and Lean Technologies marks a significant step forward in the country's Open Finance journey.
