Potential Third-Party Providers seeking an Open Finance licence will undergo a detailed approval process:
Applicants present their case to the Central Bank of the UAE (CBUAE) for an initial assessment. CBUAE will determine the readiness of the applicant to undergo further review.
The CBUAE conducts a detailed review to evaluate the maturity and completeness of the application.
Upon satisfactory initial review, applicants formally submit the application along with all required supporting documents.
The application undergoes a comprehensive evaluation by the CBUAE. If any additional information or clarification is required, applicants will be contacted to provide the necessary details.
A decision-making committee within the CBUAE reviews the application and makes an in-principle decision. If approved, applicants will receive confirmation outlining specific requirements to be met within a stipulated timeframe to be granted a full licence.
Once all requirements are met, final approval is granted. The applicant can then commence operations without any limitations.
Licensed Financial Institutions seeking a deemed Open Finance licence will undergo a similar approval process:
Applicants present their case to the Central Bank of the UAE (CBUAE) for an initial assessment. CBUAE will determine the readiness of the applicant to undergo further review.
The CBUAE conducts a detailed review to evaluate the maturity and completeness of the application.
Upon satisfactory initial review, applicants formally submit the application along with all required supporting documents.
The application undergoes a comprehensive evaluation by the CBUAE. If any additional information or clarification is required, applicants will be contacted to provide the necessary details.
Once all requirements are met, final approval is granted. The applicant can then commence operations without any limitations.
COMMUNICATION
Throughout the application process, clear communication channels will be maintained by the Central Bank of the UAE to ensure applicants are kept informed of their application status and any additional requirements.
TIMELINES
The evaluation stages are designed to be thorough yet efficient, ensuring timely decisions while maintaining high standards of scrutiny.
SUPPORT
Applicants are encouraged to seek clarification or assistance from the the Central Bank of the UAE at any stage of the application process.
