Central Bank of UAE grants Open Finance license to Spare

Spare and Lean Technologies Receive Regulatory Approval in UAE's Emerging Open Finance Ecosystem

In a significant move for the financial technology sector in the United Arab Emirates (UAE), the Central Bank of the UAE (CBUAE) has granted in-principle approval to Spare and Lean Technologies to operate under the UAE's Open Finance regulatory framework.

Spare, an Open Finance infrastructure provider, delivers solutions that power account aggregation, Open Banking payments, and financial data connectivity. The company operates across Saudi Arabia, Bahrain, UAE, and Kuwait, and its expansion into the UAE comes shortly after the establishment of the Central Bank's Open Finance Regulation.

The UAE's regulatory approval is a strong vote of confidence in Spare's technology, approach to responsible innovation, and long-term vision for Open Finance in the region. Spare's CEO, Dalal AlRayes, considers this approval a significant milestone, stating that the UAE is a strategically important market for Open Finance.

The UAE's Open Finance regulatory framework supports Spare's approach of entering markets with a well-defined regulatory framework. The platform enables capabilities such as recurring payments, future-dated payments, account aggregation, identity verification, and risk assessment. This approval places Spare among the first companies advancing toward full regulatory authorization under the UAE's Open Finance framework.

Spare's platform offers various capabilities beyond financial account-to-account payments and data access, but the text does not specify these additional capabilities. The company is currently licensed by the Central Bank of Bahrain.

Lean Technologies, another company, is positioned as a leading Open Finance infrastructure provider in the UAE. The approval places Lean alongside Spare as one of the notable fintech companies authorized to operate within the UAE's emerging Open Finance ecosystem. Lean Technologies enables regulated, secure access to financial data, payment connectivity, account-to-account payments, and embedded finance tools.

No other specific companies aside from Spare and Lean were mentioned in the search results as having received in-principle approval for Open Finance licensing in the UAE to date.

This regulatory approval is part of Spare's regional expansion strategy and reflects Spare's commitment to secure, compliant, and user-centric financial innovation across the region. The approval underscores the UAE's commitment to fostering a conducive environment for fintech innovation and growth.

[1] Source: Gulf Business (https://gulfbusiness.com/lean-technologies-receives-in-principle-approval-from-cbuae-for-open-finance-services/) [2] Source: Zawya (https://www.zawya.com/mena/en/press-release/companies-news/lean-technologies-receives-in-principle-approval-from-cbuae-for-open-finance-services-n-AANZF3X0)

With Spare and Lean Technologies recently receiving regulatory approval, the UAE's Open Finance ecosystem is experiencing significant growth in the financial technology sector.
Spare's long-term vision for Open Finance in the region, coupled with its approach to responsible innovation, is backed by the UAE's regulatory approval, signifying a vote of confidence in its technology and strategy.
Lean Technologies, alongside Spare, is now among the leading Open Finance infrastructure providers authorized to operate within the UAE's emerging Open Finance ecosystem, as both companies receive in-principle approval from the Central Bank of the UAE (CBUAE).
The expansion of Spare and Lean Technologies into the UAE's market comes after the establishment of the Central Bank's Open Finance Regulation, further emphasizing the commitment to fostering a conducive environment for fintech innovation and growth.
Beyond financial account-to-account payments and data access, both Spare and Lean Technologies offer a variety of capabilities, including regulated, secure access to financial data, payment connectivity, account-to-account payments, and embedded finance tools, enabling capabilities such as recurring payments and identity verification under the UAE's Open Finance framework.