UAE – Mubasher: Al Etihad Payments (AEP), a subsidiary of the Central Bank of the UAE (CBUAE), has signed a partnership with Core42, a subsidiary of artificial intelligence (AI) technology company G42.
The partnership aims to start the implementation of Open Finance, one of the nine initiatives of CBUAE’s Financial Infrastructure Transformation (FIT) Programme, according to the Emirates News Agency (WAM).
Open Finance enables customers to securely share their financial data with third parties and initiate payments and transactions.
This platform fosters innovation and customer-centricity, integrating financial services seamlessly into other digital ecosystems.
Under CBUAE regulations, Open Finance begins with Open Banking, followed by Open Insurance in phases, extending access to the majority of customers by 2024.
The launch of Open Finance comes within the framework of the UAE’s vision to establish global standards for the open finance sector.
Fatma Al Jabri, Assistant Governor for Financial Crime, Market Conduct, and Consumer Protection at the CBUAE, said: “The implementation of Open Finance marks a significant advancement in the UAE’s financial services industry and its financial infrastructure transformation.”
“It will accelerate the adoption of digital financial services, providing more innovative and safer digital financial products and services in the country. In addition, it will provide a seamless financial experience, ensuring consumers have control over their finances and efficient access to a diverse range of financial products,” Al Jabri added.
Earlier in April, Microsoft announced investing $1.50 billion in G42 to transfer AI technologies to the UAE.
