Latest news with #OpenFinanceFramework
Fintech News ME
20-05-2025
- Business
- Fintech News ME
Mashreq Launches API Marketplace to Support Open Banking
Mashreq has launched its next-generation API Marketplace, a platform aimed at providing corporate clients, developers, and fintechs with access to Mashreq's suite of APIs. APIs, or Application Programming Interfaces, are technical tools that enable data exchange between systems, streamlining how businesses handle payments, receivables, and liquidity. The platform offers real-time visibility into cash positions and transactions. 'The API Marketplace is a key pillar in our broader digital strategy,' said Joel Van Dusen, Head of Corporate and Investment Banking Group at Mashreq. 'At Mashreq, we are committed to driving the future of open banking and digital transformation through APIs. Our new API Marketplace is not just a technology platform, it's a strategic enabler that allows our clients and partners to co-create, innovate, and scale faster than ever before.' The platform includes features such as automated developer registration, case studies, and a flexible subscription model. It is designed to promote collaboration and agility in digital finance. The launch aligns with increasing API adoption in the UAE, supported by initiatives like the Central Bank's Open Finance Framework, which encourages banks to adopt API standards and work with fintechs to develop new business solutions. With this initiative, Mashreq aims to strengthen its role in the region's digital financial infrastructure by offering tools for integration, experimentation, and innovation.
India Today
24-04-2025
- Business
- India Today
Pay10 becomes first entity to go live on CBUAE's open finance framework
Pay10, a UAE-based Alternative Payment Method (APM) provider, has made history by becoming the first fintech company to go live on the Central Bank of the UAE's (CBUAE) Open Finance Framework. This marks the first production launch under the newly established regulatory infrastructure—preceding even traditional banks and other fintech this regulatory milestone, Pay10 is now authorised to offer payment initiation services, including variable recurring payments, under the Open Finance license. This builds on its existing approvals under the Retail Payment Services and Card Schemes (RPSCS) and Stored Value Facilities (SVF) frameworks—making it the only fintech in the UAE currently licensed under all new license gives Pay10 secure, real-time access to consumer bank accounts, enabling seamless third-party financial services. This sets the foundation for broader innovations in areas such as embedded finance, digital identity, and interoperable payment systems. Prabhpreet Singh Gill, Chairman of Pay10, said: 'We are grateful to the Central Bank of the UAE for the trust placed in us following a rigorous regulatory process. Becoming the first fintech to go live under Open Finance is not just an achievement—it's a responsibility. We are aware that we are setting the benchmark for what comes next.'The Central Bank's Open Finance regulation, introduced in mid-2024, is part of the UAE's digital financial strategy. It allows licensed third-party providers to access customer-approved financial data, aiming to improve transparency, drive innovation, and expand access to services—especially for unbanked and underserved live status means it is now fully operational within the Open Finance ecosystem. However, the framework's full impact will unfold as other financial institutions integrate and go live. Until then, Pay10 stands as the early mover in what could become one of the UAE's most transformative fintech all three major fintech licenses now in place, Pay10 is positioned to offer a fully digital, secure, and regulated financial services platform. It plans to leverage this position to support the UAE's national development goals, including financial inclusion, digital economy growth, and reduced reliance on traditional banking infrastructure.
