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DIFC launches region's first Open Finance Lab

Finance Dubai 29 Jun 22
DIFC launches region's first Open Finance Lab
DIFC: Open Finance Lab will educate and engage banks, regulators, and the industry to showcase and shape the positive impact of Open Finance on the economy.
Event Location
Dubai, Dubai
Start Time
29 June 2022, 12:00 AM
End Time
31 July 2022, 12:00 AM

Dubai International Financial Centre (DIFC), the leading global financial centre in the Middle East, Africa and South Asia (MEASA) region, today launched the region’s first Open Finance Lab, heralding a new era of finance in the region.

The Open Finance Lab initiative is a six-month programme that will commence on 28 June 2022.

A total of 4 banks and a FinTech company are scheduled to participate in the programme, including Commercial Bank of Dubai, First Abu Dhabi Bank, Mashreq Bank, National Bank of Ras Al-Khaimah and Zand. Use cases will be explored and developed from July to November 2022, and the lab will conclude with a demonstration of the impact achieved to government officials and bank executives.

The launch of the region’s first Open Finance Lab follows the recent signing of a Memorandum of Understanding (MoU) between the Central Bank of the UAE (CBUAE) and DIFC Authority to promote the development and growth of the UAE financial technology sector. The initiative supports DIFC’s ongoing efforts to realise the objectives of its 2030 strategy by unlocking strategic opportunities for the UAE and reinforcing DIFC’s leading position as a global financial services hub.

Also, the lab will run business and technical deep-dive workshops, facilitate industry and regulatory forums on important issues.

Moreover, the DIFC Innovation Hub will host an Open Finance Week in September 2022, creating further opportunities for the industry to engage and share their expertise and respective learnings with each other.

DIFC Open Finance Lab

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