Pay10, an Alternative Payment Method provider based in the UAE, has announced its achievement as the first fintech company to go live on the Central Bank of the UAE’s Open Finance Framework. This authorisation allows Pay10 to offer payment initiation services, including variable recurring payments.
This marks the first live launch of regulated Open Finance infrastructure in the UAE, ahead of any financial institution or fintech. The Open Finance authorisation is Pay10’s third regulatory licence in the UAE, adding to its existing authorisations under the Retail Payment Services and Card Schemes and Stored Value Facilities frameworks.
While Pay10 is now fully operational, the broader impact of the Open Finance framework will be realised as licenced banking partners integrate into the ecosystem.
Prabhpreet Singh Gill, Chairman of Pay10, said the approval followed a rigorous regulatory process. “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. This milestone underscores the UAE’s leadership in building a secure, interoperable financial ecosystem anchored in regulatory clarity and innovation,” said Gill.
The company said this licence will open new avenues for secure third-party access to financial data, with significant implications for embedded finance, digital identity, interoperability, and financial inclusion.
The Central Bank of the UAE introduced the Open Finance Regulation in mid-2024, outlining a phased strategy for secure access to customer-permissioned financial data through licenced third-party providers. This framework supports transparency, innovation, and interoperability within the financial sector and is integral to the UAE’s digital economy and financial inclusion strategy.
Pay10’s platform now integrates all three core regulatory authorisations—RPSCS, SVF, and Open Finance—positioning the company to support a fully digital, interoperable financial services stack under the Central Bank of the UAE’s supervision.
