Skip to main content
Entire section Custom print Text Only Rich Text Print

Article (15) Obligations of licensees

  1. Licensees who are Data Holders and Service Owners must:

    1.1.establish and maintain a dedicated interface to provide secure on-line access to Accounts and Products by Open Finance Providers through the API Hub and other relevant components of the Open Finance Framework;
    1.2.within fourteen (14) days of receipt of approval from the Central Bank to perform Open Finance Services, register and maintain their registration as a participant under the Trust Framework; and
    1.3.co-operate openly and in a timely manner, as specified in this Regulation and any accompanying Regulations, with an Open Finance Provider with regard to the sharing of User Data of the Users who are customers of the Licensee and/or the initiation of Transactions, subject to the User’s consent. A Licensee must not share any User Data in its possession where that User is not a customer of the Licensee, or where the Licensee receives the User Data from a Service Owner.
  2. No Person shall engage in data scraping, or any other similar data extraction activity, whether or not in conjunction with automated data entry, in order to undertake any activities subject to this Regulation except as permitted under applicable laws. No Person shall engage in the interception of digital connections, including but not limited to the application programming interface, between the public interfaces and other systems of a Licensee’s online or mobile applications by way of reverse engineering or any other similar activity, except as permitted under applicable State laws.