DIFC launches the “Open Finance Lab”

Innovation Hub at Dubai International Financial will organize the Open Funding Week next September.


The Dubai International Financial Center launched the Open Finance Lab initiative, the first of its kind in the region, ushering in a new era of finance in the region.

The laboratory represents a six-month program, starting from yesterday, while banks are scheduled to participate in the program, namely: Commercial Dubai, First Abu Dhabi, Mashreq, Ras Al Khaimah National, in addition to Zand Technology Company. Finance, while use cases will be explored and developed between July and November 2022, and will conclude by highlighting the impact of its program on government officials and executives of participating banks.

The launch of the Open Finance Lab comes in the wake of a memorandum of understanding recently signed between the UAE Central Bank and the Dubai International Financial Center Authority, in support of the efforts to develop and prosper the financial technology sector in the UAE.

In light of the comprehensive vision of the UAE to establish global standards for the open finance sector, the lab will serve as an umbrella platform for the efforts of banks, fintech companies, regulators, and financial sector stakeholders, and it will be able to launch the next wave of growth for the sector, enhance consumer protection, support financial inclusion initiatives, and enhance benefits social and economic opportunities.

The lab will also be responsible for managing in-depth and specialized workshops in the commercial and technical fields, facilitating the organization of forums for the financial sector, including API standards, and managing consumer approvals.

The Innovation Hub in the Dubai International Financial Center will also host the Open Finance Week in September 2022, providing more promising opportunities for stakeholders in the financial sector to engage in inspiring discussions and exchange experiences and knowledge.

Arif Amiri, CEO of the Dubai International Financial Center Authority, said that the launch of the open finance laboratory, the first of its kind in the region, is evidence of the center's commitment to spearheading initiatives that will advance the future of the finance sector towards unprecedented heights, in conjunction with providing a framework that leads the country's march. The UAE in the transition to an open finance economy.

The initiative, supported by Tarabut Gateway, the first platform specialized in open finance activities based in the UAE, is expected to serve as a test that shows the positive effects of the open finance model on companies, customers and the economy.

For his part, CEO of Tarabut Gateway, Abdullah Almoayyed, said, “The support we received from the Dubai Financial Services Authority and the Central Bank of the Emirates is compelling evidence of the country’s serious efforts to explore the future of the finance sector and enhance its presence as a leading global center in the field of financial technology. ».

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