Financial Technology Frontiers’ Post

UAE central bank issues open finance regulation. Central Bank of The UAE (CBUAE) has issued the Open Finance Regulation to ensure the soundness and efficiency of open finance services, encourage innovation, enhance competitiveness, achieve consumers’ interests and reinforce the UAE’s status as a leading financial technology hub. According to the regulation, which is part of the CBUAE’s Financial Infrastructure Transformation programme, the participation in the open finance framework is mandatory, by all financial institutions, which are subject to the supervision of the CBUAE, with respect to the products and services within their scope. The licensed financial institutions (LFIs) as data holders and service owners are required to provide participants in the Open Finance Framework with access to customer data and the ability to initiate transactions on accounts and products, in all cases subject to the express consent of usersto provide services in line with their needs. Source: https://lnkd.in/eHps4ZQM #banking #openfinance #bankingindustry #bankingtechnology #digitalbanking #fintech #financialtechnology #financialservices

Open Finance Regulation: UAE is Advancing Open Banking The Central Bank of the UAE has introduced the Open Finance Regulation, fostering a more integrated and innovative financial ecosystem. This regulation will enable secure data sharing between financial institutions and third-party providers, enhancing transparency and customer-centric services. This regulation is a significant step towards an open banking framework, empowering customers with greater control over their financial data and promoting the development of new financial products and services. Read more here: https://lnkd.in/gRGKJ25T #opebbanking #regulation #uae #iExceed

UAE CENTRAL BANK IMPACT on the UAE’s economic landscape CBUAE plays a crucial role in regulating and supervising the country’s banking sector. The Central Bank Law outlines its powers and responsibilities, including the issuance of currency, regulation of banking activities, and maintenance of monetary stability. Compliance with this law is essential for banks & financial institutions to ensure the stability and soundness of the UAE financial system. Several regulations frameworks are in alignment such as: Anti-Money Laundering & Combating the Financing of Terrorism (AML/CFT) monitoring, and reporting suspicious activities. The impact of financial laws on the UAE’s economic landscape is significant. 👇 📞: +971 04 294 3940 WhatsApp : +971 50 561 6799 Youtube: alketbilaws Instagram: alketbilaws Facebook: Khalifa Bin Huwaidan Alketbi Advocates & Legal Consultants LinkedIn: Khalifa Bin Huwaidan Alketbi Advocates & Legal Consultants website: www.alketbilaw.com . . . #UAE #centralbank #issuance #currency #regulation #money #finance #suspicious #economic #landscape

I’m looking forward to participate in the Seamless ME panel discussion today to discuss the opportunities and challenges that digital banks are facing while navigating the new ear of Open Finance in the UAE. Stay tuned to know more details about my discussion! #MbankUAE #DigitalBank #BankOnUs #OpenFinance #DigitalBank #DigitalBanking

🇶🇦Governor of Qatar Central Bank, insights on Qatar's #CBDC strategies, with Islamic finance growth & more on The Banker 🚀 The National Fintech Strategy focuses on four pillars: 1. Pioneering Infrastructure 2. Innovation & Growth (Focus on Islamic finance) 3. Developing Human Capabilities 4. Leveraging Fintech for Societal Benefits 💡Over 20 initiatives planned to boost fintech over the next five years, including regulatory sandbox support, innovative products, and talent development. 📈 Regulatory changes for banking and insurance sectors to support fintech are on the horizon. 💱 Qatar explores the potential of a Central Bank Digital Currency (CBDC). 🌙Supporting the growth of Islamic finance with new sharia-compliant instruments. ~ Economic growth expectations for 2023: 2.5% to 3%. Read More⏩https://is.gd/LltYR1 #QatarCentralBank #Fintech #CBDC #IslamicFinance #EconomicGrowth

The Central Bank of The UAE has joined the GCC's Afaq payments system as it aims to boost the growth and application of financial technology. Afaq, which is operated by Gulf Payments Company, is a system linking payment systems in GCC countries, offering customers financial transactions in local currencies and in real time with lower fees. The move to join Afaq “is in line with its strategic objectives of shaping the future of the UAE’s financial technology and digitisation journey through supporting innovation and payment systems initiatives”, the regulator said. It will also “provide secure and instant payment platforms and enhance integration with the regional payment ecosystem”. The Emirates joins the central banks of Saudi Arabia, Bahrain and Kuwait as members of Afaq. Source: https://lnkd.in/e3nc87Ty #fintech #payments #digitalpayments #paymentsystems #regulator #paytech #financialtechnology #financialservices #financialsolutions

FINTECH! Here is my Today's article in Oman Observer. Before writing this article on fintech and its relevance in the Omani financial market, I delved into various articles and academic research papers. The essence of academia often pushes one to explore deeper into research to propose effective solutions for institutions or to pose thought-provoking questions akin to Socrates, encouraging stakeholders to find their own solutions.... Read more on: https://lnkd.in/dkts3J4j #fintech #authors #banking #ceos

Thrilled to share insights in The Banker by John Everington on Saudi Arabia’s ascent as the Fintech epicenter in the region.🚀 With visionary regulations, standardized APIs, and strict enforcement, Saudi Arabia is creating an unmatched ecosystem. Unlike the UAE, where current outdated practices like reverse engineering persist against regulatory guidance, Saudi Arabia paves the way for innovation. 🌍 The Middle East is now undoubtedly the hotbed of Fintech potential. 🔥 https://lnkd.in/eSWXfgY6 #FintechFuture #SaudiFintech #RegulationRevolution #MiddleEastOpportunity”

Central Bank of the UAE is all set to issue open finance regulation. https://lnkd.in/e5h9GmFE #fintech #openbanking #openfinance #regulations #financialservices