The Central Bank of the UAE (CBUAE) has announced a pivotal collaboration for ‘Project Aperta,’ a groundbreaking initiative designed to connect open finance infrastructures across multiple jurisdictions.
This project aims to bolster the UAE's cross-border interoperability for financial institutions and businesses through a secure and trusted network.
In partnership with several global financial authorities—including the Bank for International Settlements Innovation Hub Hong Kong Centre, Banco Central do Brasil, and the Financial Conduct Authority of the United Kingdom—CBUAE seeks to establish a prototype network that minimizes the barriers faced by businesses in trade finance. These barriers often complicate access to essential financial products like letters of credit and trade credit insurance.
The initial focus of Project Aperta will be on trade finance for small and medium-sized enterprises (SMEs). This initiative promises to streamline the transfer of trade finance data related to shipping, thereby reducing costs and expediting international trade. Additionally, the prototype will facilitate the cross-border portability of consumer and business account data, allowing for quicker account openings in foreign banks.
Khaled Mohamed Balama, Governor of CBUAE, expressed enthusiasm for the project, stating,
“We are pleased to collaborate with our global partners on Project Aperta, which aligns with our vision to stimulate innovation in financial services. This trusted digital network will expand access to financial products and promote sustainable economic growth.”
Balama emphasized that enhancing cross-border data sharing while ensuring customer consent will not only strengthen the UAE's financial services sector but also support its competitiveness on a global scale.
News Source: Emirates News Agency
