Pay10, a Dubai-based Alternative Payment Method (APM) provider, has become the first fintech firm to go live in production under the Central Bank of the UAE’s (CBUAE) Open Finance Framework.

This marks the first operational launch of regulated Open Finance infrastructure in the country, ahead of any financial institution or fintech.

The authorisation allows Pay10 to offer payment initiation services, including variable recurring payments.

This development adds to Pay10’s existing regulatory licences in the UAE under the Retail Payment Services and Card Schemes (RPSCS) and Stored Value Facilities (SVF) frameworks.

The Central Bank’s approval enables secure, real-time access to bank accounts, laying groundwork for data-driven financial services in the region.

While Pay10 is now fully operational, wider adoption will depend on the integration of licensed banking partners into the ecosystem.

Prabhpreet Singh Gill, Chairman of Pay10, said:

“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.”

The company’s onboarding reflects compliance with technical, operational, and regulatory standards.

The licence permits secure third-party access to financial data, with implications for embedded finance, digital identity, and financial inclusion.

The Open Finance Regulation was issued by the Central Bank in mid-2024 as part of a phased strategy to provide licensed third-party providers with access to customer-permissioned financial data.

The framework is a key element of the UAE’s digital economy and financial inclusion strategy.

With its three core licences, RPSCS, SVF, and Open Finance, Pay10 is now positioned to operate a fully digital and interoperable financial services platform under direct regulatory supervision.

Featured image credit: edited from freepik