Latest news with #LeanTechnologies
Arab News
03-08-2025
- Business
- Arab News
Lean Technologies poised to capitalize on open finance boom
RIYADH: Lean Technologies is gearing up to seize new opportunities as Saudi Arabia and the UAE roll out major regulatory reforms poised to transform the region's financial services landscape. With the introduction of payment initiation services and open finance frameworks expected over the next 18 months, the company is entering a pivotal stage in its efforts to build the digital infrastructure underpinning financial innovation across the Gulf. 'We're heads down right now focused on the rollout of the two regulatory updates,' said Hisham Al-Falih, CEO of Lean Technologies, in an interview with Arab News. 'These are both massive opportunities we've been waiting for since the beginning,' he said, referring to the upcoming rollout of open finance in the UAE and payment initiation services in Saudi Arabia. The company collaborates closely with regulators and financial institutions to provide secure, compliant connectivity that supports a variety of applications — from onboarding and credit scoring to payment processing and account verification. Founded in 2019, Lean Technologies set out to bridge critical infrastructure gaps that had long stifled fintech innovation across the region. Al-Falih, who returned to Saudi Arabia after several years in Silicon Valley, was struck by the lack of digital financial services in a market marked by high mobile penetration, a youthful population, and a growing venture capital ecosystem. 'There was a big gap in the market when it came to accessing consumer data and accessing cutting-edge payment capabilities,' he said. Lean's core offering enables businesses to access consumer-authorized bank data and real-time payment services within a fully regulated framework. The company collaborates closely with regulators and financial institutions to provide secure, compliant connectivity that supports a variety of applications — from onboarding and credit scoring to payment processing and account verification. Since its inception, Lean has partnered with over 300 enterprise clients and financial institutions across the UAE and Saudi Arabia. It currently handles more than $2 billion in transaction volume and projects reaching $2 billion in annualized volume in the UAE alone by the end of the year. Lean's momentum was further strengthened by a high-profile funding round in 2023, bringing its total capital raised to over $100 million since inception. The latest round included a $67.5 million investment led by global investors such as Sequoia Capital, General Catalyst, and Bain Capital Ventures. Although Al-Falih did not disclose Lean's valuation or confirm unicorn status, he emphasized that the company is 'very well funded for the foreseeable future' and remains focused on execution rather than fundraising. Future plans include deeper regulatory engagement, product innovation, and long-term preparation for a potential IPO. 'We want to do what's right for our stakeholders,' Al-Falih said. One of Lean's immediate priorities is guiding clients through upcoming regulatory changes in Saudi Arabia and the UAE. These regulatory shifts extend regulated access beyond traditional bank accounts to encompass a wider range of financial data, including loans, insurance, and investments. Al-Falih explained that while open banking provides third parties with secure, user-consented access to bank account data, open finance broadens this access to include additional financial products such as investments, loans, savings, and insurance. He described this as a natural progression from open banking, which has already enabled consumers to safely share banking data with third-party providers. The advantages of this expanded data access are already evident. Lean's platform supports clients across diverse sectors including lending, e-commerce, trading, and insurance. For instance, buy now, pay later provider Tabby integrated Lean's platform to reduce customer application times from days to minutes, enhancing credit decisions through real-time bank data access. Talabat utilized Lean to automate vendor payouts and customer refunds, boosting operational efficiency. employed Lean's account verification tools to cut onboarding drop-off rates by 30 percent and reduce transaction costs by 20 percent. 'These are companies that are benefiting from our underwriting capabilities, our onboarding flows, and our payment capabilities,' Al-Falih said. Lean also serves an advisory role within the regulatory ecosystem, actively collaborating with financial authorities across the Gulf to offer technical insights and ensure alignment with evolving compliance frameworks. 'We've been working closely with central banks and associated parties in the ecosystem to provide our feedback,' he said. The company holds a license from the Financial Services Regulatory Authority at Abu Dhabi Global Market and is preparing for direct oversight by the Central Bank of the UAE. Lean is also System and Organization Controls 2 compliant and has made significant investments in cybersecurity infrastructure to safeguard its platform. SOC 2 is a compliance standard developed by the American Institute of CPAs that focuses on the security of a service organization's systems and controls related to handling customer data. 'We have invested literally millions of dollars in our cybersecurity posture and maturity,' Al-Falih noted. 'This is a responsibility that end users are endowing on us, and we don't take that lightly.' Despite strong uptake among enterprise clients, Al-Falih acknowledged that open banking remains relatively unfamiliar to the general public. 'Sometimes we mistake terminology with adoption,' he said. The CEO noted that open banking is often embedded in everyday digital experiences — such as bank transfers, wallet top-ups, and online onboarding— even if consumers are unaware of the infrastructure behind it. Trust, he added, remains crucial to user adoption. Lean has observed that consumers are more likely to opt in to open banking services when these are offered through well-known, established brands. 'The highest conversion comes from merchants that are already a trusted brand,' he said. While user interface design and clear communication play a role in driving adoption, Al-Falih emphasized that technical performance and strong security credentials are ultimately the most critical factors. Looking ahead, Lean is exploring the convergence of artificial intelligence and digital assets as a new frontier for innovation. The company sees promising use cases for generative AI in helping consumers better manage their finances, as well as for stablecoin technologies that could lower transaction costs and improve the speed of digital payments. Al-Falih pointed to the rise of agentic AI — autonomous systems capable of making decisions on behalf of users — as a potential game-changer in personal finance. Such tools, he said, could one day optimize account activity in real time based on an individual's risk profile and financial goals. While Lean has not yet announced specific products in this space, Al-Falih confirmed that the company is actively exploring how to integrate these technologies into its platform to deliver greater long-term value to users. Despite the company's progress, Al-Falih emphasized that Lean's mission is far from complete. 'We don't feel anywhere near like the mission is complete,' he said. 'There's still a very long way ahead of us.'
Zawya
28-07-2025
- 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]
Fintech News ME
28-07-2025
- Business
- Fintech News ME
Lean Technologies Among First to Gain UAE Approval Under New Open Finance Framework
Lean Technologies, a financial infrastructure provider based in the MENA region, has received In-Principle Approval (IPA) from the Central Bank of the UAE under the country's new Open Finance Framework. The IPA positions Lean as one of the first companies to offer regulated Open Finance services in the UAE, advancing its path toward full licensing. The approval comes as demand grows for faster, more transparent, and personalised financial services. Open Finance enables users to make payments, access credit, and manage finances through connected systems. Lean's infrastructure aims to support this shift by offering features such as instant account-to-account payments, quicker loan approvals, and financial tools built around data access 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.' Since its founding, Lean has worked with regulators, banks, and fintechs to develop financial connectivity in the region. The company reports handling over US$2 billion in transaction volume and linking more than 1 million customer accounts. Its infrastructure underpins a range of use cases including payments, lending, and personal finance. 'With this approval, we're not just expanding our capabilities, we're expanding access,' Al-Falih added. 'We're enabling more people and businesses to participate fully in the digital economy.' Lean also supports the AlTareq initiative, a national programme to implement Open Finance infrastructure across the UAE. Its systems comply with ISO 27001 and SOC 2 standards and have demonstrated consistent API uptime and performance at scale. In 2022, Lean became the first third-party provider to receive a Financial Services Permission from Abu Dhabi Global Market (ADGM). It also joined the Saudi Central Bank's regulatory sandbox that year. The company has raised over US$100 million from investors including General Catalyst and Bain Capital Ventures and is expanding its regulated services across the Gulf region.
Finextra
28-07-2025
- 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.
Fintech News ME
12-06-2025
- Business
- Fintech News ME
AED 2 Billion in Open Finance Payments Tracked in UAE
Lean Technologies, a financial infrastructure provider in MENA has published a comprehensive whitepaper detailing how Open Finance is redefining payments in the UAE. Titled The Dawn of Open Finance – Payments, the report serves as a reference for fintech companies, digital platforms, financial institutions and policymakers seeking to understand how regulatory frameworks and new technologies are coming together to reshape payment systems in the country. The whitepaper outlines the foundational components of Open Finance in the UAE, with a particular focus on payments. It explains how account-to-account payments are becoming a viable alternative to traditional card-based transactions, supported by regulatory infrastructure developed by the Central Bank of the UAE. These payments are initiated and authorised through licensed third party providers using regulated APIs, enabling users to make real-time transfers directly from their bank accounts. Key elements of the UAE's Open Finance model include AlTareq, a centralised user interface standard that ensures a consistent payment experience, and Aani, the country's national real-time payments rail. Together, these initiatives enable faster, more secure, and more transparent transactions for both consumers and businesses. The whitepaper also breaks down various payment types enabled through Open Finance, such as single instant payments, future-dated payments, fixed and variable recurring payments, and bulk or batch disbursements. Each type is accompanied by a consent model that specifies transaction limits, authorisation timeframes, and access controls, providing users with full visibility and control. A comparison with other payment methods highlights the practical benefits of Open Finance, including lower transaction fees for merchants, reduced fraud risks, and near-instant settlement through domestic rails. In contrast to cards or manual bank transfers, Open Finance offers embedded experiences within apps or platforms, eliminating the need for manual data entry or external redirection. The paper also outlines the governance framework behind Open Finance in the UAE, including the role of consent as a mandatory, standardised element across all services. It provides a detailed view of how users authenticate, authorise, and manage their payment permissions, with features such as multi-factor authentication, real-time notifications, and revocation controls. Lean, which is licensed as a third party provider in the UAE, developed the paper based on its operational experience supporting Open Finance across the region. The company states that while systems like Aani provide the payment infrastructure, businesses often require additional layers of integration and support. Lean's role, the paper notes, is to bridge that gap by offering developer-friendly APIs, unified bank connectivity, and real-time payment orchestration. With integrations across more than 16 banks, covering 99 per cent of the UAE's banked population, Lean reports that its technology is currently in use by platforms such as Careem, e&, DAMAC and Lulu Money. The company says the whitepaper reflects both the current state of Open Finance and the opportunities that lie ahead as adoption increases.
