UAE Central Bank Launches Open Finance with Al Etihad Payments and Core42 Partnership

The UAE Central Bank has taken a major step toward implementing the country's Open Finance Framework through a partnership between Al Etihad Payments and Core42, a G42 company.

Al Etihad Payments (AEP), the Central Bank's payments subsidiary, will work with Core42 to build a centralised API Hub through which all financial sector participants can connect and share data. The programme will launch with open banking services before expanding to cover open insurance, creating a unified infrastructure for secure, regulated data exchange across the UAE's financial industry.

The initiative positions the UAE as the first country globally to publish a comprehensive Open Finance Regulation that mandates participation across the entire financial sector. Unlike voluntary open banking frameworks adopted in markets such as the UK and EU, the UAE's approach requires banks, insurers, and other financial institutions to participate in the data-sharing ecosystem.

Core42, part of the Abu Dhabi-based G42 technology group, will provide the cloud infrastructure and technical platform for the API Hub. The company's involvement reflects the growing role of UAE technology firms in building critical national financial infrastructure.

The framework is designed to enable new financial products and services, from automated account switching and comparison tools to AI-driven lending and insurance products that can access real-time financial data with customer consent. For consumers, the open finance ecosystem promises greater transparency and easier access to competitive financial products.

The Central Bank said the programme aligns with the UAE's broader digital economy strategy and its ambition to be a global leader in financial innovation.