The first open finance lab in the area has been established by Dubai International Financial Centre (DIFC). The six-month effort got started on June 28.
Commercial Bank of Dubai, First Abu Dhabi Bank, Mashreq Bank, National Bank of Ras Al-Khaimah and Zand are participating in the lab. Use cases will be explored and developed from July to November this year, and the lab will conclude with a demonstration of the impact achieved on government officials and bank executives.
The launch of the 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 lab will run business and technical 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.
The DIFC Innovation Hub will also host an ‘Open Finance Week’ in September to bring industry professionals together to share their experiences.
Arif Amiri, CEO of DIFC Authority, said: “Launching the region’s first open finance lab reaffirms DIFC’s commitment to driving the ‘Future of Finance’ and provides a framework to move the country towards an open finance economy. The evolution of data-driven business models that make finance more inclusive, accessible, and competitive can generate significant new opportunities and open the door for a wave of financial innovation in our region and across the globe.”
Powered by Tarabut Gateway, the first UAE-based platform fully authorised by the Dubai Financial Services Authority for open finance activities, the initiative will serve as a test-bed to showcase the positive impact of open finance on businesses, customers, and the economy.
Participants will receive free advice from technical providers to support the implementation of use cases.
Abdulla Almoayed, CEO of Tarabut Gateway said: “We are honored to have been selected by DIFC as the platform partner for the lab. The support we have received from UAE financial regulators is a testament to the UAE’s drive towards building the future of finance and establishing its presence as a leading global fintech Hub. We are committed to contributing to the country’s vision and look forward to collaborating across the ecosystem to further drive the Open Finance movement forward.”
