Central Bank issues open finance regulation — financial institutions and fintech — implementation timeline TBD
The Central Bank of the UAE (CBUAE) has issued a new Open Finance Regulation to govern the sharing of financial data and services between regulated entities and third parties. The regulation applies to all UAE banks, financial institutions, and fintech firms operating under CBUAE supervision.
The analysis — automated & source-checked
- Applies to
- Financial services · UAE
- What to do
- Review the full Open Finance Regulation on the CBUAE website. Establish a compliance working group to assess your institution's current data-sharing practices, API architecture, and security controls. Monitor CBUAE for implementation guidance and deadlines.
The Open Finance Regulation establishes a framework for secure, standardized data sharing and API-based service delivery in the UAE financial system. It aims to balance innovation and competition with prudential soundness and consumer protection. Institutions should prepare governance, technical, and security infrastructure to meet the regulation's requirements.
Source
“CBUAE issues the Open Finance Regulation to ensure the soundness and efficiency of services and to promote innovation and competitiveness”
— Central Bank of UAE, 27 Jun 2024
Source: Central Bank of UAE — official 27 Jun 2024 Read the original ↗ More from Central Bank of UAE →
Quick answers
What do I need to do?
Review the full Open Finance Regulation on the CBUAE website. Establish a compliance working group to assess your institution's current data-sharing practices, API architecture, and security controls. Monitor CBUAE for implementation guidance and deadlines.
Who issued this?
Central Bank of UAE (UAE).
When was it announced?
27 Jun 2024.
Where can I read the original?
Read the original at Central Bank of UAE: https://www.centralbank.ae/en/news-and-publications/news-and-insights/press-release/cbuae-issues-the-open-finance-regulation-to-ensure-the-soundness-and-efficiency-of-services-and-to-promote-innovation-and-competitiveness/
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