Abu Dhabi, UAE – April 24, 2025 – Pay10, a leading UAE-headquartered Alternative Payment Method (APM) provider, has announced that it has become the first fintech company to go live in production on the Central Bank of the UAE’s (CBUAE) Open Finance Framework.
This milestone grants the company authorization to provide payment initiation services, including variable recurring payments.
This marks the first live launch of regulated Open Finance infrastructure in the UAE, preceding any other financial institution or fintech activation. The Open Finance license is Pay10’s third regulatory authorization in the country, adding to its existing licenses under the Retail Payment Services and Card Schemes (RPSCS) and Stored Value Facilities (SVF) frameworks.
With this approval, Pay10 can offer secure, real-time connectivity to bank accounts, setting the stage for future innovation in data-driven financial services across the region. While Pay10 is now fully onboarded and operational, the broader impact of the framework will be realized as licensed banking partners complete their ecosystem integrations.
Prabhpreet Singh Gill, Chairman of Pay10, stated:
“We are grateful to the Central Bank of the UAE for the trust placed in Pay10 following a rigorous regulatory process. Being the first to go live is both an honour and a responsibility, and we recognize the importance of setting high operational and governance standards.”
The milestone reflects Pay10’s sustained alignment with regulatory compliance, and highlights the CBUAE’s crucial role in enabling a secure and responsible Open Finance rollout.
The CBUAE issued the Open Finance regulation in mid-2024, with a phased rollout strategy designed to enable secure access to customer-permissioned financial data through licensed providers. The framework boosts transparency, innovation, and interoperability in the financial sector and forms a cornerstone of the UAE’s digital economy and financial inclusion strategy.
By holding all three key licenses—RPSCS, SVF, and Open Finance—Pay10 is now positioned to deliver a fully digital, interoperable financial services stack under direct central bank supervision. This capability allows the company to support the UAE’s national development agenda, expanding financial access, promoting economic diversification, and driving the nation’s digital transformation forward.
