Pay10 First Fintech Company To Go Live On Central Bank Of The Uae's Open Finance Framework

Pay10, an Alternative Payment Method supplier based successful nan UAE, has announced its accomplishment arsenic nan first fintech institution to spell unrecorded connected nan Central Bank of nan UAE's Open Finance Framework. This authorisation allows Pay10 to connection costs initiation services, including adaptable recurring payments. 

This marks nan first unrecorded motorboat of regulated Open Finance infrastructure successful nan UAE, up of immoderate financial institution aliases fintech. The Open Finance authorisation is Pay10's 3rd regulatory licence successful nan UAE, adding to its existing authorisations nether nan Retail Payment Services and Card Schemes and Stored Value Facilities frameworks.

While Pay10 is now afloat operational, nan broader effect of nan Open Finance model will beryllium realised arsenic licenced banking partners merge into nan ecosystem. 

Prabhpreet Singh Gill, Chairman of Pay10, said nan support followed a rigorous regulatory process. “Becoming nan first fintech to spell unrecorded successful accumulation connected nan Open Finance model is some an honour and a responsibility. We recognise nan value of mounting a modular - operationally, technically, and successful governance - for those who follow. This milestone underscores nan UAE’s activity successful building a secure, interoperable financial ecosystem anchored successful regulatory clarity and innovation,” said Gill. 

The institution said this licence will unfastened caller avenues for unafraid third-party entree to financial data, pinch important implications for embedded finance, integer identity, interoperability, and financial inclusion. 

The Central Bank of nan UAE introduced nan Open Finance Regulation successful mid-2024, outlining a phased strategy for unafraid entree to customer-permissioned financial information done licenced third-party providers. This model supports transparency, innovation, and interoperability wrong nan financial assemblage and is integral to nan UAE's integer system and financial inclusion strategy.

Pay10's level now integrates each 3 halfway regulatory authorisations—RPSCS, SVF, and Open Finance—positioning nan institution to support a afloat digital, interoperable financial services stack nether nan Central Bank of nan UAE's supervision.

Published on: Apr 25, 2025 12:03 PM IST