Al Etihad Payments (AEP), a subsidiary of the Central Bank of the UAE (CBUAE), has signed a partnership with Core42, a G42 company and full-spectrum AI enablement solutions provider to mark the commencement of the implementation of Open Finance within the UAE, one of the nine initiatives within the CBUAE’s Financial Infrastructure Transformation (FIT) Programme.
The signing ceremony, attended by Khaled Mohamed Balama, Governor of the CBUAE, saw the agreement inked by Fatma Al Jabri, Assistant Governor for Financial Crime, Market Conduct and Consumer Protection at the CBUAE, and Kiril Evtimov, CEO of Core42. This initiative aligns with the UAE's vision to set global standards for the open finance sector, establishing a consolidated trust framework and central API hub. It allows secure access to banking and insurance markets, ensuring customer consent and regulatory compliance. Open Finance enhances digital financial inclusion, empowering customers to share data securely, initiate transactions, and access quotes for financial services. Phased implementation, starting with Open Banking followed by Open Insurance, aims to reach the majority of customers by 2024, fostering innovation and customer-centric financial services under CBUAE regulations.
AEP has also engaged with Ozone API and Raidiam as technology providers within the consortium led by Core42 for its Open Finance Implementation.
Fatma Al Jabri, Assistant Governor for Financial Crime, Market Conduct and Consumer Protection at the CBUAE, said,
“The implementation of Open Finance marks a significant advancement in the UAE’s financial services industry and its financial infrastructure transformation. It will accelerate the adoption of digital financial services, providing more innovative and safer digital financial products and services in the country. In addition, it will provide a seamless financial experience, ensuring consumers have control over their finances and efficient access to a diverse range of financial products.”
News Source: Emirates News Agency
