Al Etihad Payments partners with Core42 to build foundations for UAE's open finance ecosystem




In a major step towards establishing the UAE as a leading Open Finance hub in the Middle East region, the Central Bank of the United Arab Emirates (CBUAE) has signed a strategic partnership deal through its Al Etihad Payments subsidiary to rollout open banking and open data initiatives nationwide. Al Etihad Payments has tapped Core42, the financial services division of Abu Dhabi-based AI company G42, to serve as the primary technology provider and consultant for the country's new Open Finance project. 


Operating as part of the CBUAE's multi-year Financial Infrastructure Transformation program, the collaboration aims to develop common standards and protocols to allow secure and consent-based sharing of customer financial information between banks, fintechs, merchants and other authorized third-parties. Core42 will build and integrate the necessary open API infrastructure, while also advising on regulatory guidelines and industry best practices. UK open banking specialists Ozone API and Raidiam have also joined the effort as part of a technology consortium led by Core42 to support implementation across the Emirati financial sector.


Top officials at the CBUAE and Al Etihad Payments are confident this new open data economy will drive greater financial inclusion, product innovation and consumer choice. With an initial focus on launching open banking and insurance features by end of 2024, they ultimately hope the project establishes the highest levels of security, privacy and interoperability in line with global open finance standards. If successful, it would cement the UAE's prominent position as a leader in adopting emerging technologies to modernize national financial systems across the Middle East region.

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