Saudi-based open finance infrastructure provider Spare has received in-principle approval from the Central Bank of the UAE (CBUAE) to be licensed for open finance operations in the UAE. This positions Spare among the first cohort of companies moving toward full regulatory licensing under the country’s evolving open finance framework.
Spare provides businesses with a secure and unified API for account-to-account payments and seamless access to banking data, enabling a wide range of services such as recurring payments, account aggregation, risk assessment, and more.
As part of its regional expansion strategy, Spare sees the UAE as a strategic market thanks to its clear regulatory framework and strong support for digital financial innovation. This milestone follows the recent issuance of the CBUAE’s open finance regulations.
Dalal AlRayes, Co-founder and CEO of Spare, said:
“We see the UAE as a strategic market for open finance, thanks to its robust regulatory environment and strong support for digital financial services. This approval is a powerful validation of our product strength, responsible innovation, and long-term vision for open finance in the region.”
Spare is already licensed by the Central Bank of Bahrain and operates in Saudi Arabia, Bahrain, and the UAE, offering open finance solutions that enable payment initiation, account aggregation, and financial data connectivity.
