UAE Fintech Pay10 First To Launch On Central Banks Open Finance Framework

This development authorises the company to provide payment initiation services, including variable recurring payments.

The launch represents the first operational implementation of regulated open finance infrastructure in the UAE, preceding any similar activation by traditional financial institutions or other fintech companies.

UAE’s open finance pioneer

This open finance authorisation adds to Pay10’s regulatory portfolio, joining its existing licenses under the Retail Payment Services and Card Schemes (RPSCS) and Stored Value Facilities (SVF) frameworks.

With approval of its production environment, Pay10 can now establish secure, real-time connections to bank accounts, creating a foundation for future innovation in data-driven financial services across the region.

While Pay10 is now fully operational within the framework, the broader impact will materialise as licensed banking partners complete their integration into the ecosystem.

Prabhpreet Singh Gill, Chairman of Pay10, said: “We are grateful to the Central Bank of the UAE for the trust placed in Pay10 following a rigorous and thorough regulatory process. Becoming the first fintech to go live in production on the open finance framework is both an honour and a responsibility. We recognise the importance of setting a standard – operationally, technically, and in governance – for those who follow. This milestone underscores the UAE’s leadership in building a secure, interoperable financial ecosystem anchored in regulatory clarity and innovation.”

The achievement follows Pay10’s consistent compliance with regulatory requirements across technical, compliance, and operational areas.

The company has acknowledged the Central Bank of the UAE’s crucial role in facilitating a responsible and secure rollout.

The license creates new pathways for secure third-party access to financial data, with notable implications for embedded finance, digital identity, interoperability, and financial inclusion.

The Central Bank of the UAE introduced the Open Finance Regulation in mid-2024, outlining a phased implementation strategy designed to enable secure access to customer-permissioned financial data through licensed third-party providers.

The framework aims to enhance transparency, innovation, and interoperability within the financial sector and serves as a key element of the country’s broader digital economy and financial inclusion strategy.

Pay10’s platform now integrates all three core regulatory authorisations—RPSCS, SVF, and open finance—positioning the company to support a fully digital, interoperable financial services stack under the Central Bank’s direct supervision.

These licenses enable Pay10 to contribute to the UAE’s national development agenda by expanding financial services access for unbanked and underserved populations, promoting economic diversification, and advancing the country’s digital transformation goals.