Dubai International Financial Centre (DIFC) has launched Open Finance Lab, a six-month programme to promote the development and growth of the UAE’s financial technology sector.
The programme will see participants work to unlock the next wave of growth for the sector and increase consumer protection, financial inclusion, social benefits, and economic opportunities.
The lab will also run business and technical deep-dive workshops, and facilitate industry and regulatory forums on important issues.
Commercial Bank of Dubai, First Abu Dhabi Bank, Mashreq Bank, National Bank of Ras Al Khaimah and Zand are the key participants in the programme.
Commenting on the initiative, Arif Amiri, CEO of DIFC Authority, said: “Launching the region’s first Open Finance Lab reaffirms DIFC’s commitment to driving the Future of Finance and provides a framework to move the country towards an Open Finance economy. The evolution of data-driven business models that make finance more inclusive, accessible, and competitive can generate significant new opportunities and open the door for a wave of financial innovation in our region and across the globe.”