Pay10 has achieved a groundbreaking milestone in the UAE’s fintech landscape by becoming the first company to go live on the Central Bank of the UAE’s (CBUAE) Open Finance Framework—ahead of both traditional banks and competing fintech firms. This launch marks a major regulatory and technological shift for the region’s financial ecosystem.
Under this new license, Pay10 is now authorized to provide payment initiation services, including advanced features like variable recurring payments. This builds upon its earlier approvals under two key regulatory regimes—the Retail Payment Services and Card Schemes (RPSCS) and Stored Value Facilities (SVF)—making Pay10 the only fintech in the UAE currently licensed under all three frameworks.
With its Open Finance credentials, Pay10 can now securely access consumer bank accounts in real-time, enabling seamless third-party financial services. This is expected to drive innovation in:
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Embedded finance
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Digital identity
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Interoperable payment systems
Prabhpreet Singh Gill, Chairman of Pay10, emphasized the significance of this achievement, noting, “Becoming the first fintech to go live under Open Finance is not just an achievement—it’s a responsibility.” His comments underscore the pioneering role Pay10 is now playing in shaping the UAE’s digital financial future.
The Open Finance regulation, launched in mid-2024, is a key component of the UAE’s national digital financial strategy. It allows licensed third-party providers to access customer-approved financial data, aiming to:
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Boost transparency
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Encourage financial innovation
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Expand access to services for underserved and unbanked populations
While other financial institutions are still in the process of integrating into the framework, Pay10 now operates as a first-mover, setting the pace for what is likely to be a transformational phase for the UAE's fintech sector.
By holding all three major fintech licenses, Pay10 is now strategically placed to:
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Provide comprehensive, secure digital financial services
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Contribute to the UAE’s financial inclusion goals
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Accelerate the growth of the digital economy
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Reduce dependency on traditional banking systems
In essence, Pay10 is not only setting a precedent but also redefining the regulatory and technological benchmark for what fintechs can achieve in the UAE.
