The Open Finance Lab initiative is a six-month programme that will commence on 28 June 2022. A total of 4 banks and a fintech are scheduled to participate in the programme, including Commercial Bank of Dubai, First Abu Dhabi Bank, Mashreq Bank, National Bank of Ras Al-Khaimah, and Zand. Use cases will be explored and developed from July to November 2022, and the lab will conclude with a demonstration of the impact achieved on government officials and bank executives.
The launch of the region’s first Open Finance Lab follows the recent signing of a Memorandum of Understanding (MoU) between the Central Bank of the UAE (CBUAE) and the DIFC Authority to promote the development and growth of the UAE financial technology sector. The initiative supports DIFC’s ongoing efforts to realise the objectives of its 2030 strategy by unlocking strategic opportunities for the UAE and reinforcing DIFC’s position as a global financial services hub.
With the overarching vision of the UAE to become a global benchmark in Open Finance, the lab will work in collaboration with banks, fintechs, regulators, and the industry. It has the potential to unlock the next wave of growth for the sector and increase consumer protection, financial inclusion, social benefits, and economic opportunities.
In addition, the lab will run business and technical deep-dive workshops and facilitate industry and regulatory forums on important issues. These include API standards and consumer consent management, and educational sessions to promote a greater understanding of how the Open Finance data will create more opportunities through the application of emerging technologies; resulting in new data-driven innovations and business models that will enhance the future of the financial system. The insights and learnings from the use cases and forums will contribute to the development of the sector and regulations.
Powered by Tarabut Gateway, the first UAE-based platform fully authorised by the Dubai Financial Services Authority (DFSA) for Open Finance activities, the initiative will serve as a testbed to showcase the positive impact of Open Finance on businesses, customers, and the economy, and can help inform policymaking and infrastructure with empirical evidence and industry feedback. Participants will receive complimentary guidance from trusted technical providers to support the implementation of use cases.
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