Middle East

DIFC Launches Region’s First Open Finance Lab

The Dubai International Financial Center (DIFC) has launched the first open finance lab in the region. This initiative is a six-month program that began on June 28th.

The lab is attended by Dubai Commercial Bank, First Abu Dhabi Bank, Mashreq Bank, Ras Al Khaimah National Bank and Zand. The use case will be investigated and developed from July to November this year, and the lab will conclude with a demonstration of the impact achieved for government officials and bank executives.

The launch of the lab follows the recent Memorandum of Understanding (MoU) between the UAE Central Bank (CBUAE) and the DIFC authorities to promote the development and growth of the UAE financial technology sector.

The lab conducts business and technical workshops and promotes industry and regulatory forums on key issues. These include API standards and consumer consent management, as well as educational sessions to better understand how open finance data creates more opportunities through the application of new technologies. The result is new data-driven innovations and business models that enhance the future of the financial system. Insights and learning from use cases and forums contribute to the development of sectors and regulations.

The DIFC Innovation Hub will also host “Open Finance Week” in September to bring together industry experts to share their experiences.

Arif Amiri, CEO of DIFC Authority, said: The evolution of data-driven business models that make finance more comprehensive, accessible and competitive creates significant new opportunities and opens the door to a wave of financial innovation in our region and around the world. You can open it. “

Powered by Tarabut Gateway, the first UAE-based platform fully approved by the Dubai Financial Services Authority for open finance activities, this initiative serves as a testbed to show the positive impact of open finance on business, customers and the economy. It works.

Participants receive free advice from technology providers to support the implementation of use cases.

Abdulla Almoayed, CEO of Tarabut Gateway, said: “We are honored to be selected by DIFC as our Lab’s platform partner. With the support we received from the United Arab Emirates financial regulators, UAE is the world’s leading fintech hub for building the financial future. It is a testament to our commitment to establishing a sense. We are committed to contributing to the country’s vision and look forward to working together throughout the ecosystem to further drive the open finance movement. “

https://gulfbusiness.com/difc-launches-regions-first-open-finance-lab/ DIFC Launches Region’s First Open Finance Lab

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