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

Article (3) Persons Deemed Licensed

  1. The following are Persons Deemed Licensed:

    1.1.Banks licensed in accordance with the Central Bank Law;
    1.2.Finance Companies licensed in accordance with the Finance Companies Regulation;
    1.3.Persons licensed by the Central Bank to provide Retail Payment Services under the Retail Payment Services and Card Schemes Regulation;
    1.4.Insurance Brokers licensed in accordance with the Insurance Law;
    1.5.Insurance Companies licensed in accordance with the Insurance Law; and
    1.6.Stored value facility providers licensed in accordance with the Stored Value Facilities Regulation.
  2. A Person Deemed Licensed must provide prior written notice to the Central Bank of its intention to provide an Open Finance Service. The notice must be in the form prescribed by the Central Bank from time to time and must provide a description of the Open Finance Service that the Person intends to provide, the resources that will be utilised in the provision of the Open Finance Service and the governance arrangements relating to them. The Central Bank’s approval must be obtained prior to the commencement of the provision of the Open Finance Service. The Central Bank will issue its decision of approval or rejection within a period not exceeding sixty (60) working days from the date of the notice. The lapse of this period without decision on the request shall be considered an implicit rejection thereof.
  3. All articles of this Regulation apply to Persons Deemed Licensed, when their approval to provide the Open Finance Service is granted by the Central Bank.