Abu Dhabi Islamic Bank (ADIB) has become the first bank in the UAE to be licensed as a Third-Party Provider (TPP), or Open Finance provider, under the Central Bank of the UAE’s AlTareq initiative.
The TPP license allows ADIB to securely aggregate customer-permissioned financial data from other banks, giving users a consolidated view of their accounts through ADIB’s digital channels.
The service operates on explicit customer consent and is subject to regulatory data protection and authentication requirements set by the Central Bank.
Through AlTareq, ADIB continues to operate both as a regulated account-holding bank and as a licensed third-party provider.
In its TPP capacity, the bank can extend its digital services beyond its own accounts, enabling customers to view and manage financial information across multiple institutions.
ADIB intends to improve financial visibility and simplify account management through this capability.
The bank said the capability supports more informed decision-making and enables more personalised services based on customer-permissioned data.
It also aligns with broader efforts under the Central Bank’s 2023-2026 strategy to develop a more connected financial ecosystem in the UAE.
AlTareq Open Finance enables regulated sharing of financial data between banks and authorised third parties, with customer consent.
Mohamed Abdelbary, Group Chief Executive Officer of ADIB, said:
“Becoming the first bank licensed as a Third-Party Provider under the UAE’s AlTareq Open Finance initiative is a strategic step in building the bank of the future. It enables us to deliver more connected, faster and more personalised solutions for our customers, while maintaining the highest standards of security and regulatory compliance.”
ADIB said it will continue to expand Open Finance-enabled services over time and will introduce further digital use cases to improve transparency and streamline customer journeys across accounts and institutions.
Featured image credit: Edited by Fintech News UAE, based on image by rimsha52 via Freepik
