The Central Bank of the UAE has begun implementing the Open Finance system, which will allow employees to manage their financial transactions. The system is being rolled out in phases, starting with open banking and expanding to open insurance and other sectors. The Central Bank aims to provide digital savings and investment products targeting workers and low-income groups, enabling them to earn interest on small amounts saved or invested through the electronic Central Securities Depository (CSDS) platform. This will be implemented within a year or two, according to Saif Al-Zaabi, Assistant Governor for Banking Operations and Services at the Central Bank. Al-Zaabi explained that the bank is developing a dedicated agency using smart contracts to simplify employees' financial lives and make it more organized. Speaking at a discussion during the 'Middle East and North Africa Financial Inclusion Leaders Summit' in Abu Dhabi last week, Al-Zaabi stated that the Central Bank launched the Open Finance system, which allows employees to manage and export their transaction data. It also provides them with offers, such as prices for buying a car or investing abroad. Users can log into the Open Finance platform to view prices across all systems, choose the cheapest option, and share data without needing to visit a bank. Al-Zaabi added that other facilities offered by the platform include the ability to open a bank account from anywhere after data verification, and to view authenticated and authorized services. He highlighted that one of the most important features the Central Bank is trying to introduce is the use of artificial intelligence to communicate with employees in their own languages. Given that there are 200 nationalities working in the country, the bank aims to cover the most widely spoken languages. This will help guide employees in analyzing and understanding data in a simplified manner. Al-Zaabi continued: 'The financial system in the UAE is strong, and banks offer many diverse banking products and services that cover basic needs, in addition to the foreign exchange and money transfer sectors.' It is worth noting that the 'Open Finance' system launched by the Central Bank is a regulatory framework that allows users to securely share their financial data with trusted parties, enabling these entities to offer innovative and personalized financial services while ensuring regulatory supervision to protect rights and security.
