To drive the future of finance, where services are seamlessly embedded, inclusive and connected, sparking innovation and fostering transparency
To set the global benchmark in powering next-gen financial services
Nebras is committed to leading the way in Open Finance by following a strategic development process that includes:
Defining the long-term goals and objectives of the Open Finance initiative.
Communicating the vision and strategy to stakeholders.
Engaging with stakeholders to gather feedback and ensure alignment.
Establishing the regulatory framework to support the initiative.
Identifying and prioritising the APIs to be developed and implemented.
Creating a comprehensive guide for implementing Open Finance in the UAE.
Building the necessary technical infrastructure to support the initiative.
Conducting pilot projects to test the implementation of the Open Finance platform and gather insights.
Continuously improving the platform and expanding its capabilities.
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.
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.
