Pay10 is the first fintech live on CBUAE’s Open Finance Framework: Alternative payment method provider Pay10 has secured authorization under the Central Bank of the UAE’s (CBUAE) Open Finance Framework, according to a press release (pdf). This makes Pay10 the first fintech to operate under the framework. The move allows it to launch payment initiation services, including variable recurring payments, and enable real-time bank account connectivity.

It will take some time for it to pay dividends: “The broader impact of the Open Finance framework will be realized as licensed banking partners complete their integration into the ecosystem,” the statement said.

The license is Pay10’s third from the Central Bank, alongside its existing retail payment services and card schemes license and a stored value facilities license.

Open Finance Framework? The CBUAE issued the Open Finance regulation last year ahead of a full roll-out of open finance this year, as part of its Financial Infrastructure Transformation Program. The regulation standardizes secure cross-sector data sharing and transactions through a trust framework, an API hub, consumer consent protocols, and infrastructure services to support cross-sectoral data sharing and transaction initiation.

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