Altareq enables new ways for consumers and businesses to access financial services through a secure system of regulated providers.
Traditionally, financial services have only been available via banks, insurers or lenders - now AlTareq lets you access financial services in the apps and services you choose and where you need them.
Make instant payments, open new accounts, execute contracts, and complete transactions - all in a faster, more streamlined way.
Pay by Bank with AlTareq and make payments directly from your bank account.
Get quotes from the whole market when you share your data for better insights and smarter choices.
Share your data securely for more personalised, innovative, and convenient financial services.
Access all yours accounts in one place through regulated providers.
You
Your Financial Institution
Your Fintech Service
AlTareq powered apps and Services
Connected. Regulated. Secure.
Get more informed insights using AlTareq enabled apps and services from regulated providers. Discover where you can start using AlTareq today.
Abu Dhabi Islamic Bank
Lean Technologies
Spare
Nymcard
Emirates NBD
Tarabut
Lean Technologies
Wio
Mashreq
Pay10
Finance, where you need it
More connected, more personal.
Clear choices, more option
Advance encryption and multi-factor authentication.
View, pause or revoke consent to data at anytime.
All providers are licensed and supervised.
Finance, where you need it
More connected, more personal.
Clear choices, more option
Advance encryption and multi-factor authentication.
View, pause or revoke consent to data at anytime.
All providers are licensed and supervised.
Open Finance gives you control over your financial data and services. With your permission, it allows you to securely share your bank, insurance, mortgage, and other financial information and initiate services via regulated providers to access more personalised, innovative, and convenient financial services.
AlTareq is the name for Open Finance in the UAE. You will see this name and logo when using Open Finance services provided by banks, insurers, exchange houses or brokers, and other fintechs known as Third-Party Providers. Examples include:
The Central Bank of the UAE (CBUAE) launched AlTareq to help to digitise the financial sector and give you more choice and convenience. AlTareq, the name for Open Finance in the UAE, securely connects all Licensed Financial Institutions and Third-Party Providers apps via a central platform. AlTareq has the capacity to enable four key functionalities including data sharing, quote generation, service and transaction initiation and onboarding to Licensed Financial Institutions.
With your explicit consent, AlTareq allows regulated Third-Party Providers to securely connect to Licensed Financial Institutions. The connection is made through an Application Programming Interface (API); this is the same type of connection your mobile phone uses to connect your photos to your social media apps. However, AlTareq utilises the highest-grade of security for the connection. This enables Third-Party Providers to offer enhanced financial products and services tailored to your needs.
You can access AlTareq based services through regulated Third-Party Providers apps or platforms, it is based on giving your consent for data sharing or service initiation, quotes or onboarding.
No, the provider of your financial services does not change when you use AlTareq based services. Your insurance is still from your insurer, payments are still made by your bank, currency conversion is still completed by your exchange house, but you can access these services and their data via third-party applications.
Consent in AlTareq means that you explicitly authorise Third-Party Providers to access specific financial data or initiate services on your behalf. Consent is always required before any data sharing or service initiation occurs, ensuring you retain full control over your financial information. You can revoke, pause, or modify your consent at any time through the consent management online or in apps provided by Licensed Financial Institutions, Third-Party Providers or the AlTareq Consent Manager.
Consent requests are initiated through the Third-Party Provider app and consent authorisation is then confirmed by you via your selected Licensed Financial Institution (e.g. bank or insurer) or AlTareq Consent Manager. You can view, pause, or cancel your consent at any time.
The AlTareq Consent Manager App allows you to give permission and manage your financial data you share through AlTareq. It's a trusted, centralised app that lets you manage all your consents in one place, and for certain financial institutions you can use it to approve payments, share data, in the event the financial institution does not have its digital channel.
AlTareq places nothing above its security, reliability and the Open Finance regulatory protection afforded to customers. Only providers that are licensed and regulated by the Central Bank of the UAE (CBUAE) can access your data, and only with your explicit, informed consent. AlTareq is built with world-class levels of protection, utilising advanced security tools such as multi-factor authentication and encryption to ensure your information and the financial services you use remain private and secure.
AlTareq uses multiple layers of protection to ensure security:
Yes, the CBUAE Open Finance Regulations establishes a comprehensive framework for licensing, supervision, and operation of AlTareq in the UAE. It outlines the requirements and license conditions for AlTareq Third-Party Providers, ensuring that only regulated organisations can engage in data sharing and service initiation.
AlTareq enables the initiation of a variety of payments with your explicit consent, including single instant payments, recurring transactions, bulk payments, future-dated transfers, and international payments. Your selected Licensed Financial Institution still makes the payment that can be initiated through the Third-Party Provider app or platform.
Yes, AlTareq supports international payments. With your explicit consent, Third-Party Providers can initiate cross-border payments from your account to a desired beneficiary abroad.
For multi-payment consents in AlTareq, you can define the maximum allowable payment values per transaction, cumulative transaction limits per day/month, and other limits on recurring payments. These controls ensure better financial management and fraud prevention.
