Date: April 25 2024
Source: DLAPiper
New Regulations: Central Bank of UAE (CBUAE) released two new regulations in April 2024.
- Open Finance Regulation: Creates an Open Finance Framework with CBUAE at the center.
- Sandbox Conditions Regulation: Allows exemptions on licensing standards for innovation.
Open Finance Framework: This framework requires financial institutions (initially banks and insurers) to share customer data securely with licensed providers upon customer consent.
Key Features:
- Customer decides who gets their data and for what purpose.
- Strong focus on data security, privacy and customer consent.
- Centralized API Hub for secure access to data.
- Phased roll-out, starting with banks and insurers.
Expected Outcome: This framework is expected to boost innovation, competition, and improve financial services in UAE.
For details, please refer
