Pay10, an alternative payment method provider (APM) based in the EAU, has become Fintech’s first company to achieve production status in the central bank of the Eau open finance framework.
This development authorizes the company to provide payment initiation services, including variable recurrent payments.
The launch repeats the first operational implementation of the open finance infrastructure regulated in the EAU, which precedes any similar activation of traditional financial institutes or other Fintech companies.
UAES Open Finance Pioneer
This open finance authorization adds to the regulatory portfolio of Pay10, joining its existing licenses under retail payment services and card schemes (RPSC) and stored value facilities (SVF).
With the approval of its production environment, Pay10 can now establish safe real -time connections to bank accounts, creating a future innovation in data based on data throughout the region.
While Pay10 is now completely operational within the frame, the broader impact will materialize as licensed banking partners complete their integration into the ecosystem.
Prabreet Singh Gill, president of Pay10, said: “We are wrong with the Central Bank of the EAU for the trust placed in Pay10 after a rigorous and exhaustive regulatory process. Becoming the first Fintech to go live and an Openenty Reperty Repell collects the importance of establishing an operational standard and in the government, for those who continue.
The achievement follows the constant compliance of Pay10 with the regulatory requirements in technical, compliance and operational areas.
The company has recognized the Central Bank of the EAU crucial role in the facilitation of a responsible and safe deployment.
The license creates new roads for third -party safe access to financial data, with notable implications for integrated finance, digital identity, interoperability and financial inclusion.
The Central Bank of the EAU introduced the regulation of open finance in mid -2024, describing a stages implementation strategy designed to allow safe access to third -party suppliers with financial data license perpetuated by the client.
The framework aims to improve transparency, innovation and interoperability within the financial sector and serves as a key element of the largest digital economy and the financial inclusion strategy.
The Pay10 platform now integrates the three central regulatory authorization: RPSC, SVF and open finance, positioning the company to support a totally digital interoperable financial services battery under the direct supervision of the Central Bank.
These licenses allow Pay10 to contribute to the UAES National Development Agenda by expanding access to financial services for non -banking and unattended populations, the economic diversification of promotion and the progress of the country’s digital transformation objectives.
