ARTICLE · 11 DECEMBER 2024

Open Finance Regulation

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The UAE Central Bank's Open Finance Regulation (OFR), part of its Financial Infrastructure Transformation Programme, introduces a framework for secure, consent-driven...

United Arab EmiratesFinance and Banking

Catriona Mcdevitt

The UAE Central Bank's Open Finance Regulation (OFR), part of its Financial Infrastructure Transformation Programme, introduces a framework for secure, consent-driven financial data sharing across institutions. Published on 15 April 2024, it expands on open banking to include products like loans, insurance, and investments, aiming to modernize the financial sector and enhance customer experiences.

The CBUAE Central Bank issued the Open Finance Regulation (the OFR), which is part of its broader Financial Infrastructure Transformation Programme (FIT Programme) aimed at modernizing the financial sector. The regulation, which was published in the Official Gazette on 15 April 2024, establishes an Open Finance Framework to enable secure and efficient sharing of financial data across banks, insurers, and other financial institutions, fostering innovation and enhancing customer experiences.

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Open Finance Regulation

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