UAE Central Bank Issues Open Finance Regulation: DLA Piper

UAE Central Bank Issues Open Finance Regulation: DLA Piper

The Central Bank of the United Arab Emirates (CBUAE) issued on April 23 two new fintech regulations, introducing the Open Finance Regulation and the Sandbox Conditions Regulation, a new post

The post UAE Central Bank Issues Open Finance Regulation: DLA Piper appeared first on Fintechnews Middle East.The Central Bank of the United Arab Emirates (CBUAE) issued on April 23 two new fintech regulations, introducing the Open Finance Regulation and the Sandbox Conditions Regulation, a new post published by global law firm DLA Piper says.

These regulations aim to foster innovation and competition in the financial sector by facilitating data sharing across various financial industries, and reflect the UAE’s commitment to digital transformation.

Under the new Open Finance Regulation, licensed entities such as banks and insurance companies are mandated to grant access to customer data and enable transaction initiation to open finance providers. The regulation covers various financial products and accounts, including debit and credit banking products, mortgages, foreign exchange, insurance, e-money, and prepaid services. It emphasizes customer consent and control over the sharing of their financial data, and prohibits activities like data scraping, a technique in which a computer program extracts data from output generated from another program, and intercepting digital connections through