Open Finance is a secure way for financial institutions to share data to or initiate services via licensed third-party providers. By building applications and innovative financial services that leverage customers’ consented data, providers on an Open Finance platform can create solutions that allow retail, SME, and corporate customers to better control and understand their financial circumstances. Ultimately, this initiative also offers customers greater choice in their financial services by creating a new means for their distribution and consumption.
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Allows customers to have better sight and control over their data and transactions, providing transparency and enabling informed financial decisions.
Lowers entry barriers for new innovative solutions by providing access to a wide range of financial data and services through standardised APIs.
Encourages innovation and a competitive environment around customer experience by enabling the development of new financial products and services.
Enhances operational efficiency through data sharing and collaboration via interconnectivity between financial institutions and third-party providers.
Allows businesses to reach new markets and customer segments by leveraging Open Finance data and services.
Empowers businesses to create more personalised and customer-centric financial solutions, leading to higher customer satisfaction and retention.
Accelerates the digital transformation of financial services, leading to automation and cost savings for customers and providers.
Provides access to customers’ financial data and facilitates collaboration among different players in the ecosystem.
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We balance and align the commercial interests of Third-Party Providers, Licensed Financial Institutions, and the central infrastructure, to foster collaboration and innovation. We have created a simple and transparent per API call pricing model and a series of Third-Party Provider fees, to be paid to Licensed Financial Institutions to reflect their significant contribution to enable Open Finance.
We implemented a dynamic liability model that adapts to use cases and assigns responsibility appropriately. The CBUAE also has the power to adjust regulatory capital requirements for both Licensed Financial Institutions (LFIs) and Third-Party Providers (TPPs), reflecting their operations and scale.
We enable efficient payment experiences through Strong Customer Authentication (SCA) and fully flexible Variable Recurring Payments (VRP), allowing for Near Field Communication(NFC), embedded and pre-approved payments to support a breadth of use cases.
We have included all Licensed Financial Institutions within our scope, including non-digitised institutions through Nebras’s Authentication-as-a-Service
We have the possibility to cover a wide spectrum of financial services, including Open Banking, Insurance, Foreign Exchange (FX), Acquiring, e-Wallets, Credit, and Mortgages.
We facilitate industry-wide integration with a single, whole-of-market connection, complemented by a built-in Value-Added Services marketplace.
We provide a fully flexible API service that Licensed Financial Institutions can leverage to create innovative, monetisable solutions beyond the CBUAE regulatory mandate.
We ensure a comprehensive data scope encompassing customer, product, and transaction data, with bespoke consents tailored to consumer preferences and durations.
We leverage global standards to align with international best practices, while also learning from their implementation and adding new functionalities to enhance the ecosystem.
We created universal branding for Open Finance in the UAE, known as AlTareq, establishing a trust-mark for the service in the process. We also implemented centralised consent management to streamline user experiences with the aim to build trust and familiarity across the ecosystem.
Uncover the latest in Open Finance trends, innovations, and impacts as it reshapes how we access and manage financial data.
The Annual Report of the CBUAE outlines its key achievements in 2021, which are represented in several main areas, including follow-up to the implementation of the Targeted Economic Support Scheme
Learn how Open Finance is driving transparency, personalization, and innovation in the financial industry.
Nebras Board of Director’s Profiles
H.E. Saif Humaid Al Dhaheri is the Assistant Governor for Banking Operations and Support Services at the Central Bank of the UAE (CBUAE), and Chairman of the Board of Nebras.
H.E. Saif Humaid Al Dhaheri is the Assistant Governor for Banking Operations and Support Services at the Central Bank of the UAE (CBUAE), and Chairman of the Board of Nebras. H.E. Al Dhaheri plays a pivotal role in the nation's financial infrastructure. He chairs Al Etihad Payments and Oumolat Security Printing LLC and O & S Security Solutions LLC. His extensive involvement includes participation in the Digital Economy Council and the World Economic Forum's Central Bank Digital Currency Working Group.
Michael Hartmann is a seasoned executive with over two decades of experience in steering transformative initiatives within the financial services and telecommunications sectors.
Michael Hartmann is a seasoned executive with over two decades of experience in steering transformative initiatives within the financial services and telecommunications sectors. His expertise encompasses Open Banking, Open Finance, payments, digital wallets, and cloud-based services. As the Head of Open Finance at Abu Dhabi Commercial Bank (ADCB), Michael is recognised for his product and technical leadership, advocating for open platforms in banking and finance to unlock new market opportunities.
Raheel Ahmed is the Group CEO of RAKBANK, where he spearheads the bank’s transformation into a digital-first, customer-centric organisation.
Raheel Ahmed is the Group CEO of RAKBANK, where he spearheads the bank’s transformation into a digital-first, customer-centric organisation. With over 30 years of international banking experience across Europe, Asia, the Middle East, and Africa, he has held senior leadership roles at Barclays, Standard Chartered, and Citigroup. Raheel is widely recognised for his expertise in driving innovation, inclusive finance, and sustainable growth across global markets. In addition to his role at RAKBANK, Raheel currently serves as a Board Member at RAK Insurance and has served as Chairman of the UBF Fintech Committee.
