CBUAE

CBUAE

UAE

Finance

Open Finance

• Bank Service Initiation
• Bank Data Sharing
• Insurance Data Sharing

To drive innovation within the UAE’s financial sector by promoting digital business and service models that are consent-driven, data-rich, collaborative, secure, and customer-focused. Fulfilling this vision will provide customers with greater transparency and control, empowering them to manage their finances more effectively.

Current Accounts | Sharing

JSON | RESTful | YAML

Regulated

The API specifications and business rules are publicly available.

All licensed financial institutions (LFIs) are required to adhere to the open finance standard.

Accredited TPPs may access LFI APIs within the ecosystem.

Mandated

Key components of the Open Finance Framework include:

• Roadmap: A detailed open finance roadmap designed for transparency and easy updates.
• Approved Use Cases: A list of authorised use cases that illustrate real-world applications and advantages of open finance.
• Catalogue of Standards: A complete collection of all Open Finance standards applicable to LFIs and TPPs.
• Testing and Certification Framework: Outlines the requirements and procedures for LFIs and TPPs to complete testing and certification.
• Open Finance Platform: Provides user manuals and essential documentation for the Open Finance Platform (OFP).
• Limitation of Liability Model: Defines potential dispute scenarios, identifies liable parties, and specifies the scope of redress.
• Commercial and Pricing Model: Details the fee structure for accessing and using the Open Finance Platform.
• AML and Fraud Guidelines: Includes comprehensive Anti-Money Laundering and Fraud Management guidelines across all components.

Certification | Registry

FAPI 2.0 | OAuth | OIDF

Bulk & Batch | Future Dated | Fixed Recurring | Refunds | International Payments | Variable Recuring Payments | Single Instant

API Specifications | Operational Guidelines | Customer Experience Guidelines

Accounts | Balances | Direct Debits | Beneficiaries | Standing Orders | Transactions | Parties or Contacts

The following resources are available to all registered developers:

• Open Finance Framework (including Use Cases, Business Rules and Standards)

Open finance is still a relatively new concept in the UAE, but the country has advanced rapidly, establishing one of the most comprehensive open finance frameworks in the region. The first version of the Standard was released in August 2024, followed by an updated edition in December 2024.

Functional | Customer Experience | Security Profile | Operational

• Functional Certification
• Customer Experience Certification
• Security Certification (to the OpenID FAPI 2.0 profile)

The Central Bank of the UAE (CBUAE) oversees the governance of Open Finance in the UAE. CBUAE establishes the regulations, while AlTareq defines the guidelines and standards for implementing open finance. Together, they monitor compliance and ensure the security, privacy, and protection of customer data within the framework.

CBUAE Rulebook