The Central Bank of the UAE has successfully completed Project Aperta, an international initiative led by the Bank for International Settlements designed to enable secure, cross-border open finance connectivity between multiple jurisdictions.
Developed in collaboration with the BIS Innovation Hub Hong Kong Centre, the Hong Kong Monetary Authority, the Central Bank of Brazil, and the UK's Financial Conduct Authority, the project establishes a neutral interoperability layer that links domestic open finance networks without requiring changes to national regulatory frameworks.
The initiative tested two practical use cases across five economies. The first addressed cross-border data portability, allowing verified business information to be shared securely to speed up onboarding and reduce manual checks. The second focused on trade finance lifecycle management, demonstrating how structured digital data can streamline processes from contract issuance through to final settlement.
Both tests confirmed that international data exchange can be achieved while fully preserving each country's domestic rules, security standards, and supervisory requirements. The project also identified significant potential to cut compliance costs, reduce duplication, and shorten onboarding times for SMEs operating in international trade.
CBUAE Governor Khaled Mohamed Balama said the project reflects the central bank's ambition to be among the world's leading institutions in promoting financial stability, adding that enabling seamless data exchange would empower businesses and financial institutions to access global markets more efficiently.
All architectural blueprints, translation protocols, trust framework designs, reference code, and data models produced under Project Aperta have been released as open, reusable public goods, allowing other jurisdictions to adopt and build on the work.
The project positions the UAE as an active contributor to the infrastructure underpinning the next generation of global financial services.
News Source: Emirates News Agency
