Pay10 processes UAE's first open finance transaction under new framework
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This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.
This milestone marks the official production launch of the UAE's regulated Open Finance infrastructure and sets a new benchmark for innovation, interoperability, and regulatory-first digital finance. This is the first of Pay10's partnerships with banks to operationalize services on the framework.
The transaction was executed on Al Tareq, the CBUAE's Open Finance platform established under the Financial Infrastructure Transformation (FIT) Programme to enable secure, consent-driven access to financial data and services. With this milestone, Pay10 and ADCB together activate the core promise of Open Finance: seamless, real-time value exchange backed by technical standards and central bank governance.
Harry Gill, Pay10 Chairman stated:'This is a landmark achievement for financial services in the UAE. As the first licensed TPP to go live in production, Pay10 is proud to pioneer the implementation of Open Finance. Together with our partner ADCB, we're operationalizing the UAE's regulatory vision through secure, scalable infrastructure built for a digital-first economy.'
This announcement follows Pay10's receipt of all three core regulatory authorizations in the UAE:
Open Finance License (Payment Initiation Services)
Retail Payment Services & Card Schemes (RPSCS)
Stored Value Facilities (SVF)
By establishing CBUAE-compliant, real-time financial transactions, Pay10 Open Finance UAE further solidifies its position as a leader in digital-first banking.
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