Pay10 first to launch on UAE's regulated Open Finance infrastructure

This marks the inaugural live deployment of a regulated Open Finance infrastructure in the country, ahead of any local bank or fintech competitor.

The Central Bank of the UAE introduced the Open Finance Regulation in mid-2024 to promote secure, customer-permissioned access to financial data through licensed third-party providers. The regulation outlines a phased rollout and is a foundational component of the UAE’s broader digital economy and financial inclusion strategy.

Pay10’s production environment is now live, authorising the firm to offer payment initiation services, including support for variable recurring payments.

Regulatory framework

With this development, Pay10 now operates under three core licences issued by the Central Bank of the UAE: Open Finance, Retail Payment Services and Card Schemes (RPSCS), and Stored Value Facilities (SVF). This regulatory coverage allows Pay10 to provide a fully digital, interoperable financial services stack under direct regulatory oversight.

The fintech company’s alignment with regulatory, technical, and operational standards highlights its role in setting a precedent for other market participants. Its participation in the Open Finance ecosystem is expected to catalyse broader adoption once additional banking partners complete their integration processes.

By facilitating secure third-party access to financial data, Pay10's new licence opens doors for Embedded Finance, digital identity services, and better interoperability across the UAE’s financial sector. The company is now positioned to support national objectives related to financial inclusion, economic diversification, and digital transformation.

Pay10’s launch underscores the UAE’s commitment to fostering innovation through regulatory clarity and interoperability, and signals the growing maturity of fintech in the Middle East. The UAE's progress in Open Finance is also aligned with its Digital Economy Strategy, which targets doubling the contribution of the digital economy to GDP by 2031. Initiatives such as the Emirates Blockchain Strategy, digital identity systems like UAE PASS, and instant payment platforms have created a fertile ground for innovation, making it easier for companies like Pay10 to scale.