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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.
Arabian Business
24-04-2025
- Business
- Arabian Business
UAE fintech Pay10 first to launch on Central Bank's open finance framework
Pay10, a UAE-based Alternative Payment Method (APM) provider, has become the first fintech company to achieve production status on the Central Bank of the UAE's Open Finance Framework. This development authorises the company to provide payment initiation services, including variable recurring payments. The launch represents the first operational implementation of regulated open finance infrastructure in the UAE, preceding any similar activation by traditional financial institutions or other fintech companies. UAE's open finance pioneer This open finance authorisation adds to Pay10's regulatory portfolio, joining its existing licenses under the Retail Payment Services and Card Schemes (RPSCS) and Stored Value Facilities (SVF) frameworks. With approval of its production environment, Pay10 can now establish secure, real-time connections to bank accounts, creating a foundation for future innovation in data-driven financial services across the region. While Pay10 is now fully operational within the framework, the broader impact will materialise as licensed banking partners complete their integration into the ecosystem. Prabhpreet Singh Gill, Chairman of Pay10, said: 'We are grateful to the Central Bank of the UAE for the trust placed in Pay10 following a rigorous and thorough regulatory process. Becoming the first fintech to go live in production on the open finance framework is both an honour and a responsibility. We recognise the importance of setting a standard – operationally, technically, and in governance – for those who follow. This milestone underscores the UAE's leadership in building a secure, interoperable financial ecosystem anchored in regulatory clarity and innovation.' The achievement follows Pay10's consistent compliance with regulatory requirements across technical, compliance, and operational areas. The company has acknowledged the Central Bank of the UAE's crucial role in facilitating a responsible and secure rollout. The license creates new pathways for secure third-party access to financial data, with notable implications for embedded finance, digital identity, interoperability, and financial inclusion. The Central Bank of the UAE introduced the Open Finance Regulation in mid-2024, outlining a phased implementation strategy designed to enable secure access to customer-permissioned financial data through licensed third-party providers. The framework aims to enhance transparency, innovation, and interoperability within the financial sector and serves as a key element of the country's broader digital economy and financial inclusion strategy. Pay10's platform now integrates all three core regulatory authorisations—RPSCS, SVF, and open finance—positioning the company to support a fully digital, interoperable financial services stack under the Central Bank's direct supervision. These licenses enable Pay10 to contribute to the UAE's national development agenda by expanding financial services access for unbanked and underserved populations, promoting economic diversification, and advancing the country's digital transformation goals.
