Al Etihad Payments partners Core42 to launch open finance across the UAE
The Central Bank of the UAE (CBUAE) has inked a deal with Core42 through its subsidiary Al Etihad Payments to roll out open finance across the country.
UAE’s central bank partners Core42 for open finance
Operating under Abu Dhabi-based AI firm G42, Core42 provides infrastructure and IT solutions for businesses seeking to action digital transformation through emerging technologies.
Serving the CBUAE’s Financial Infrastructure Transformation (FIT) programme, Al Etihad Payments says its newfound partnership with the provider seeks to establish “global standards for the open finance sector”.
It is set to take a phased approach to the roll out of open finance across the country, beginning first with open banking and then with open insurance, which are to be made available “to the majority of customers” this year.
UK-based open banking technology providers Ozone API and Raidiam have also been drawn in to the deal to assist with the central bank’s plans, working as part of a consortium of providers led by Core42.
Fatma Al Jabri, assistant governor for financial crime, market conduct and consumer protection at the CBUAE, describes the implementation of open finance in the UAE’s financial infrastructure as “a significant advancement” set to “accelerate the adoption of digital financial services”.
She predicts that the initiative will make digital financial products in the market safer and more diverse, while also enhancing financial autonomy among customers.
