DIFC launches the Middle East’s first Open Finance Lab

DIFC launches the Middle East’s first Open Finance Lab

Dubai International Financial Centre (DIFC), a global financial centre in the Middle East, Africa and South Asia (MEASA) region, has launched the region’s first Open Finance Lab.

With the overarching vision of the UAE to become a global benchmark in Open Finance, the lab will work -in collaboration -with banks, FinTech, regulators and the industry. It has the potential to unlock the next wave of growth for the sector and increase consumer protection, financial inclusion, social benefits, and economic opportunities.

In addition, the lab will run business and technical deep-dive 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.