Latest news with #CentralBankUAE
Khaleej Times
a day ago
- Business
- Khaleej Times
UAE Central Bank suspends foreign insurance company's motor business
The Central Bank of the UAE has suspended the motor insurance business of a foreign insurance company's branch (insurer). The insurer remains liable for all rights and obligations arising from insurance contracts concluded before the suspension, the authority stated on Tuesday, July 29. The legal actions comes after the entity failed to comply with the solvency and guarantee requirements, specified in the law and prevailing regulations governing insurance companies in the UAE. This is not the first time the Central Bank has taken action against a foreign entity's branch. The Central Bank of the UAE (CBUAE) has imposed a financial penalty of Dh5.9 million on a foreign bank branch operating within the country for failing to comply with anti-money laundering regulations. On July 16, the authority imposed a financial sanction of Dh600,000 on a branch of a foreign bank in the UAE. The apex bank did not reveal the name of the bank that has been penalised. The branch was reported to not be complying with the Market Conduct and Consumer Protection Regulations and Standards. Meanwhile, on July 2, the authority announced it had imposed a financial penalty of Dh5.9 million on a foreign bank branch operating within the country for failing to comply with anti-money laundering regulations. The name of the bank penalised by the apex bank was not disclosed.
Zawya
2 days ago
- Business
- Zawya
Lean Technologies receives key regulatory approval under UAE's Open Finance Framework
Among the first to receive the UAE Central Bank's Open Finance IPA Lean is helping shape a new era of connected financial services, enabling faster payments, broader access to credit, and greater inclusion across the UAE Over $2B processed to date through 1M+ connected accounts Dubai, UAE – Lean Technologies (Lean), the MENA region's leading financial infrastructure provider, has received In-Principle Approval (IPA) from the Central Bank of the UAE under the country's newly introduced Open Finance Framework. The approval positions Lean as one of the leading providers of Open Finance services in the UAE, marking a key step toward full licensing and expanding access to secure, connected financial experiences for millions of customers. This development comes at a critical time, as individuals and businesses increasingly seek faster, transparent, and more personalised financial solutions. Open Finance is transforming how users make payments, access credit, and manage money, laying the groundwork for an inclusive and efficient financial ecosystem. With Lean's regulated infrastructure, users will soon benefit from instant account-to-account payments, faster loan approvals, and smarter financial tools, all designed around transparency, convenience, and control. "Open Finance is more than a technology upgrade. It's a foundation for a smarter, more innovative economy," said Hisham Al-Falih, CEO and Co-Founder of Lean Technologies."By connecting customers, regulators, and businesses on a single, interoperable infrastructure, we're directly supporting the UAE's vision for a world-class digital financial system." Over the past four years, Lean has played a foundational role in enabling the country's transition to secure, interoperable financial connectivity. Lean works closely with regulators, banks, and fintechs to shape the systems that now support regulated access to payments and financial data. With over $2 billion in transaction volume and more than 1 million connected accounts, Lean's infrastructure powers real-world use cases across payments, lending, and personal finance, offering customers faster access to credit, easier checkouts, and intuitive budgeting experiences. 'With this approval, we're not just expanding our capabilities - we're expanding access,' said Al-Falih. 'We're enabling more people and businesses to participate fully in the digital economy.' The UAE's Open Finance Framework is a core pillar of national strategies such as UAE Centennial 2071 and the National Digital Economy Strategy. By enabling secure access to financial data, it empowers businesses to deliver smarter products, faster services, and seamless payments, driving greater financial inclusion and unlocking new opportunities for customers and businesses alike. 'Embedding Lean's financial infrastructure into our workflow has fundamentally strengthened our underwriting capabilities and boosted approval rates,' said Hosam Arab, CEO at Tabby. 'Over the past three years, it's helped us unlock lending segments that were previously inaccessible – enabling us to serve a broader base of users beyond the limits of traditional credit data.' Lean is a key contributor to the AlTareq initiative, supporting the nationwide rollout of Open Finance in partnership with regulators, banks, and fintechs. Its infrastructure, built to enterprise-grade security standards including ISO 27001 and SOC 2, has been tested at scale, consistently delivering high API uptime and low latency, trusted by leading financial institutions. 'Lean has been a key partner in modernising how we collect payments from our customers,' added Amira Sajwani, Managing Director at DAMAC Properties. 'Their team brought the right expertise to replace legacy processes with a faster, more seamless experience. Since adopting Lean, we've seen a clear shift toward digital payments and a meaningful improvement in our collection speed.' In 2022, Lean became the first third-party provider to receive a Financial Services Permission (FSP) from the Abu Dhabi Global Market (ADGM). That same year, it was also approved for the regulatory sandbox of the Saudi Central Bank (SAMA), positioning Lean as a trusted infrastructure partner across the Gulf. Backed by over $100 million in funding from leading global and regional investors like General Catalyst and Bain Capital Ventures, the company is now focused on expanding its regulated services and scaling its platform across the UAE and broader MENA region. According to the Arab Monetary Fund [1], the MENA Open Finance market is expected to grow from $1.65 billion in 2022 to $11.74 billion by 2027, driven by strong demand for secure, tailored digital services. Lean is at the forefront of this shift, unlocking new opportunities to help users across the UAE access more tailored and convenient financial tools. About Lean Technologies Lean Technologies is the leading financial infrastructure provider in the MENA region, enabling businesses to access financial data and initiate payments through a single, secure platform. Founded in 2019, Lean supports over 300 companies and has processed more than $2 billion in transaction volume through over one million connected accounts. For more information, visit Media Contact: Leen Shami Notes Lean's receipt of the IPA license goes beyond the No Objection Certificates (NOC) previously awarded by the UAE Central Bank and designates Lean as a regulated Open Finance provider in the UAE. In July 2022, Lean became the first to receive Financial Services Permission (FSP) to provide 'Third Party Services' from the Financial Services Regulatory Authority (FSRA) of the Abu Dhabi Global Market (ADGM). In June 2022, Lean was approved for the regulatory sandbox of the Saudi Central Bank (SAMA), enabling it to test and scale services in the Kingdom under regulatory supervision. Lean's infrastructure complies with international security standards, including ISO 27001 and SOC 2. The platform maintains industry-leading API performance and uptime, supporting high-frequency use cases across digital payments, lending, and wealth management. [1]
Finextra
2 days ago
- Business
- Finextra
Lean Technologies receives regulatory approval under UAE's Open Finance Framework
Lean Technologies (Lean), the MENA region's leading financial infrastructure provider, has received In-Principle Approval (IPA) from the Central Bank of the UAE under the country's newly introduced Open Finance Framework. 0 The approval positions Lean as one of the leading providers of Open Finance services in the UAE, marking a key step toward full licensing and expanding access to secure, connected financial experiences for millions of customers. This development comes at a critical time, as individuals and businesses increasingly seek faster, transparent, and more personalised financial solutions. Open Finance is transforming how users make payments, access credit, and manage money, laying the groundwork for an inclusive and efficient financial ecosystem. With Lean's regulated infrastructure, users will soon benefit from instant account-to-account payments, faster loan approvals, and smarter financial tools, all designed around transparency, convenience, and control. "Open Finance is more than a technology upgrade. It's a foundation for a smarter, more innovative economy," said Hisham Al-Falih, CEO and Co-Founder of Lean Technologies. "By connecting customers, regulators, and businesses on a single, interoperable infrastructure, we're directly supporting the UAE's vision for a world-class digital financial system." Over the past four years, Lean has played a foundational role in enabling the country's transition to secure, interoperable financial connectivity. Lean works closely with regulators, banks, and fintechs to shape the systems that now support regulated access to payments and financial data. With over $2 billion in transaction volume and more than 1 million connected accounts, Lean's infrastructure powers real-world use cases across payments, lending, and personal finance, offering customers faster access to credit, easier checkouts, and intuitive budgeting experiences. 'With this approval, we're not just expanding our capabilities - we're expanding access,' said Al-Falih. 'We're enabling more people and businesses to participate fully in the digital economy.' The UAE's Open Finance Framework is a core pillar of national strategies such as UAE Centennial 2071 and the National Digital Economy Strategy. By enabling secure access to financial data, it empowers businesses to deliver smarter products, faster services, and seamless payments, driving greater financial inclusion and unlocking new opportunities for customers and businesses alike. 'Embedding Lean's financial infrastructure into our workflow has fundamentally strengthened our underwriting capabilities and boosted approval rates,' said Hosam Arab, CEO at Tabby. 'Over the past three years, it's helped us unlock lending segments that were previously inaccessible - enabling us to serve a broader base of users beyond the limits of traditional credit data.' Lean is a key contributor to the AlTareq initiative, supporting the nationwide rollout of Open Finance in partnership with regulators, banks, and fintechs. Its infrastructure, built to enterprise-grade security standards including ISO 27001 and SOC 2, has been tested at scale, consistently delivering high API uptime and low latency, trusted by leading financial institutions. 'Lean has been a key partner in modernising how we collect payments from our customers,' added Amira Sajwani, Managing Director at DAMAC Properties. 'Their team brought the right expertise to replace legacy processes with a faster, more seamless experience. Since adopting Lean, we've seen a clear shift toward digital payments and a meaningful improvement in our collection speed.' In 2022, Lean became the first third-party provider to receive a Financial Services Permission (FSP) from the Abu Dhabi Global Market (ADGM). That same year, it was also approved for the regulatory sandbox of the Saudi Central Bank (SAMA), positioning Lean as a trusted infrastructure partner across the Gulf. Backed by over $100 million in funding from leading global and regional investors like General Catalyst and Bain Capital Ventures, the company is now focused on expanding its regulated services and scaling its platform across the UAE and broader MENA region. According to the Arab Monetary Fund , the MENA Open Finance market is expected to grow from $1.65 billion in 2022 to $11.74 billion by 2027, driven by strong demand for secure, tailored digital services. Lean is at the forefront of this shift, unlocking new opportunities to help users across the UAE access more tailored and convenient financial tools.
The National
6 days ago
- Business
- The National
Here's why UAE bank customers will no longer receive OTPs via texts and emails
Customers of UAE banks will no longer receive one-time passwords for online financial transactions through SMS and email starting on Friday, according to messages seen by The National. Instead of the passwords, or OTPs, customers will have to authenticate transactions within their mobile banking apps, which experts say is step in the right direction to in efforts to boost security of digital banking and customer protection. 'SMS and email OTPs for online transactions will be phased out from July 25. Switch to ADIB mobile app for in-app authentication,' says an SMS received from Abu Dhabi Islamic Bank, Abu Dhabi's biggest Sharia-compliant lender. Citi Bank customers have also received an email notifying them of the change. 'We are enhancing the way you approve your online card transactions to provide you with greater security. As part of this upgrade, SMS OTP is no longer supported,' the email says. The lender says the change will be rolled out in phases and asks customers to download the bank app and complete their registration. After registration, customers will receive in-app authorisation requests to approve online purchases. However, the Central Bank of the UAE told The National on Thursday that it has not issued an official notice particularly addressing the cancellation of OTP through SMS or email. Mashreq, Dubai Islamic Bank and First Abu Dhabi Bank offered no comment, while Abu Dhabi Commercial Bank, Emirates NBD and Commercial Bank of Dubai did not respond to requests for comment. Experts say the move is aimed at improving security and reducing fraud attempts through SMS or email-based OTPs. These methods are increasingly used by cyber criminals to steal from customers. The rise of fraud involving contactless payments has raised questions about consumer protection and banks' security measures. The UAE's status as a regional business centre, with a high concentration of wealth, makes it a target for cyber criminals, personal finance experts say. Fraudsters are drawn to the Emirates due to its affluent population, high internet use and the perception that consumers may be less cautious when conducting online transactions, says Carol Glynn, founder of Conscious Finance Coaching. Internet penetration – the percentage of a population that uses the internet – in the UAE stands at more than 96 per cent, making it one of the world's highest, Ms Glynn says. Customers travelling outside the UAE have complained of not receiving the SMS containing the OTP or receiving it after the valid time period. A banker who spoke to The National on condition of anonymity said they received a circular from the Central Bank outlining this change in May. 'This is part of comprehensive guidelines for banks and financial institutions with the subject line of prevention of fraud. The regulator said OTPs should not be shared through weak modes of communication, such as SMS and emails, as they are vulnerable and can be compromised,' they said. 'Instead, the Central Bank want to have more secure modes of communication, or two-way authentication in a way. So, they consider in-app as one of the better modes of communication.' The circular was issued with immediate effect, so banks and financial institutions were required to fast-track this transition, the banker said. Better modes of communication and transmission of financial information will reduce the potential for fraud incidents, which is an 'industry-wide concern'. This change will benefit not just banks, but the entire payment ecosystem in the UAE, he added. The move by UAE lenders is a critical step in strengthening digital banking security and reducing exposure tied to telecom system vulnerabilities, Benjamin Ward, regional financial institutions leader for the Middle East and North Africa at professional services firm Marsh, said. "This shift also places full responsibility for authentication integrity squarely on the banks themselves," he said. "However, threat actors won't stop - they'll shift tactics." Phishing activity and attempts at social engineering by scammers of tricking users into approving app-based transactions will continue. "Instead of SIM swaps or message interception, attackers will increasingly target internet banking, mobile apps, and core authentication systems directly," he added.
Gulf Business
6 days ago
- Business
- Gulf Business
UAE banking assets exceed Dhs4.749tn in April, shows CBUAE report
Image: Getty Images Total banking sector assets in the UAE, including bankers' acceptances, rose by 0.6 per cent month-on-month to exceed Dhs4.749tn at the end of April 2025, up from approximately Dhs4.719tn in March, according to the Central Bank of the UAE ( Total bank credit rose by 0.9 per cent to surpass Dhs2.259tn, compared to Dhs2.240tn a month earlier. The rise was driven by an increase of Dhs12.3bn in domestic credit and Dhs7.1bn in foreign credit. Domestic credit expanded due to a 0.7 per cent increase in lending to the government sector, 1.2 per cent to the public sector (government-related entities), and 0.6 per cent to the private sector. In contrast, credit to non-banking financial institutions fell 4.3 per cent. Banking deposits in total Total bank deposits also rose 1 per cent month-on-month to exceed Dhs2.965tn, compared to Dhs2.936tn in March. This was driven by a 0.1 per cent rise in resident deposits to over Dhs2.689tn, alongside a 10.9 per cent jump in non-resident deposits to Dhs275.6bn. Within resident deposits, government sector deposits climbed 0.9 per cent, and private sector deposits rose 1.1 per cent. Deposits from non-banking financial institutions dropped 9.2 per cent, while those from government-related entities decreased 6.5 per cent. The monetary aggregate M1 grew 2.6 per cent to reach Dhs1.0119tn in April, from Dhs986.2bn in March. This was driven by a Dhs26.9bn increase in monetary deposits, which offset a Dhs1.2bn decline in currency in circulation outside banks. Conversely, the M2 aggregate fell 0.1 per cent to Dhs2.435tn, down from Dhs2.4377tn, due to a Dhs27.8bn drop in quasi-monetary deposits. The broader M3 aggregate rose 0.2 per cent to Dhs2.8982tn, from Dhs2.8937tn in March, supported by a Dhs6.6bn increase in government deposits. The monetary base shrank 1.7 per cent to Dhs819bn, from Dhs833.1bn the month before, due to a 2.5 per cent fall in issued currency and a 32.0 per cent decline in reserve accounts. This was partially offset by a 159.8 per cent surge in current accounts and overnight deposits held by banks and financial institutions at the central bank, and a 3.1 per cent rise in monetary bills and Islamic certificates of deposit. CBUAE foreign assets Meanwhile, the central bank's foreign assets rose to Dhs937.5bn at the end of April, from Dhs935.2bn in March. These included Dhs403.2bn in bank balances and deposits abroad, Dhs490.1bn in foreign securities, and Dhs44.1bn in other foreign assets. The On the asset side, the balance sheet included Dhs210.9bn in cash and bank balances, Dhs208bn in deposits, Dhs516.8bn in investments, Dhs0.5bn in loans and advances, and Dhs36.2bn in other assets.
