Lean Technologies has received In-Principle Approval from the Central Bank of the UAE under the country’s newly introduced Open Finance Framework.
Following this announcement, the approval will enable Lean Technologies to provide Open Finance solutions in the UAE, representing an important step towards full licensing and expanding access to connected and secure financial experiences for customers.
In addition, the development comes at an important time, as multiple businesses and individuals increasingly look for faster, safer, and more transparent or personalised financial solutions. The institution will continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.
More information on Lean Technologies’ IPA approval
Open Finance is currently transforming the manner in which users make payments, access credit, and manage money, aiming to provide customers with a more inclusive and efficient financial ecosystem. According to the official press release, with Lean’s regulated infrastructure, clients will have the possibility to benefit from instant account-to-account payments, faster loan approvals, and improved financial tools, all designed around transparency, convenience, and control.
The UAE’s Open Finance Framework represents an important initiative of national strategies such as UAE Centennial 2071 and the National Digital Economy Strategy. Through the process of enabling secure access to financial data, it also empowers businesses to deliver smarter products, faster services, and improved payments, driving optimised financial inclusion and unlocking new opportunities for customers and businesses alike. The approval will enable Lean Technologies to expand its capabilities, as well as allow more customers and busiensses to participate fully in the digital economy.
Furthermore, by connecting clients, regulators, and businesses on a single infrastructure, Lean Technologies will directly accelerate the development of UAE’s vision for an optimsied and secure digital financial system.
