DIFC launches region’s first open finance lab

DIFC launches region’s first open finance lab

Dubai International Financial Centre (DIFC) has launched the region’s first open finance lab. The initiative, a six-month programme, commenced on June 28. Commercial Bank of Dubai, First Abu Dhabi Bank, Mashreq Bank, National Bank of Ras Al-Khaimah and Zand are participating in the lab. Use cases will be explored and developed from July to November this year, and the lab will conclude with a demonstration of the impact achieved to government officials and bank executives. The launch of the lab follows the recent signing of a memorandum of understanding (MoU) between the Central Bank of the UAE (CBUAE) and DIFC Authority to promote the development and growth of the UAE financial technology sector. The lab will run business and technical workshops, facilitate industry and regulatory forums on important issues. These include API standards and consumer consent management, and educational sessions to promote a greater understanding of how the open finance data will create more opportunities through the application of emerging technologies; resulting in new data-driven innovations and business models that will enhance the future of the financial system. The insights and learnings from the use cases and forums will contribute to the development of the sector and regulations. The DIFC