Mandated Entities

Participation in the Open Finance Framework is mandatory for all Licensees with respect to the Products and Services within its scope. Licensees (as Data Holders and Service Owners) are required under this Regulation to provide participants in the Open Finance Framework (as data recipients and service initiators) with access to customer data and the ability to Initiate Transactions on customer Accounts and Products.

Data Sharing and Service Initiation of Transactions is in all cases subject to the express consent of Users, the application of appropriate authentication processes and the use of secure communication. This Regulation and the rights of access to data and Accounts established hereunder, do not apply with respect to activities that are not regulated by the Central Bank.

Licensees mandated by this Regulation to provide Open Finance access include the following entities:

a.	Banks incorporated in the UAE.
b.	branches of foreign Banks/representative offices of foreign Banks.
c.	specialized Banks.
d.	restricted license Banks.
e.	Islamic Banks and Islamic windows.
f.	Finance Companies.
g.	payment service providers (category 1/2/3/4).
h.	retail payment systems providers.
i.	stored value facility providers.
j.	exchange houses.
k.	loan-based crowdfunding companies.
l.	Insurance Brokers.
m.	Insurance Companies (national companies and foreign branches).
n.	any other entity deemed to be a relevant Licensee by the Central Bank.

The Licensees which are mandated to provide Open Finance access, pursuant to this Regulation, will be onboarded in phases. The first phase will include all Banks, including branches of foreign banks, and Insurance Companies (national companies and foreign branches) only. Later phases of the onboarding will be announced by the Central Bank through official channels.