Al Etihad Payments (AEP) and Core42 Partner to Implement Open Finance in the UAE
In a groundbreaking move, Al Etihad Payments (AEP), a subsidiary of the Central Bank of the UAE (CBUAE), has joined forces with Core42, a G42 company specializing in AI enablement solutions, to kickstart the implementation of Open Finance within the UAE. This partnership marks the beginning of one of the nine initiatives under the CBUAE’s Financial Infrastructure Transformation (FIT) Programme.
The signing ceremony, attended by H.E. Khaled Mohamed Balama, Governor of the CBUAE, saw Fatma Al Jabri, Assistant Governor for Financial Crime, Market Conduct & Consumer Protection at the CBUAE, and Kiril Evtimov, CEO of Core42, seal the deal.
The UAE aims to set global standards for the open finance sector and establish a robust open finance mechanism. As the first country to implement a consolidated trust-framework and centralised API hub, the UAE will provide secure access to the banking and insurance markets for third parties regulated by the CBUAE.
Open Finance is set to revolutionize the financial services sector by enhancing digital financial inclusion and empowering customers to securely share their financial data with third parties. This initiative will enable customers to initiate payments, access quotes for financial services, and drive product and service innovation.
AEP has also partnered with Ozone API and Raidiam as technology providers for the Open Finance Implementation. Fatma Al Jabri highlighted the significance of Open Finance in advancing the UAE’s financial services industry and transforming its financial infrastructure. The implementation of Open Finance will accelerate the adoption of digital financial services, provide innovative and safer products, and ensure consumers have efficient access to a diverse range of financial services.
The phased rollout of Open Finance, starting with Open Banking and followed by Open Insurance, is expected to provide access to the majority of customers by 2024. This initiative will not only enhance customer experience but also drive the financial services industry towards a more customer-centric approach.