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ALTAREQ (Open finance) faqs

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:

  • An insurance comparison website
  • An e-wallet and payment app
  • A financial aggregation and insights app 
  • A foreign exchange comparison and money sending service

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. 

ALTAREQ (OPEN FINANCE) GLOSSARY