In a major regulatory milestone, UAE-based fintech company Pay10 has secured an Open Finance Licence from the Central Bank of the UAE. This authorisation enables Pay10 to provide payment initiation services, including variable recurring payments, across the country, marking a pivotal step in the company’s long-term digital strategy.
This approval makes Pay10 the first fintech company to go live in production on the Central Bank’s Open Finance framework. This framework enables real-time, secure access to bank accounts, creating a foundation for future innovation in data-driven financial services. By joining this regulated ecosystem, Pay10 positions itself as a key enabler in the UAE’s journey toward a fully digital financial infrastructure.
A Unified Regulatory Stack
The Open Finance Licence is the third regulatory approval obtained by Pay10, building on its existing licences under the Retail Payment Services and Card Schemes (RPSCS) and Stored Value Facilities (SVF) frameworks. With these three core licences now integrated into its platform, Pay10 offers a comprehensive and compliant financial services stack, supervised directly by the Central Bank.
Pay10, led by Chairman Harry Gill, has secured the RPSCS and SVF licenses, covering merchant acquisition and customer-facing services. The Open Finance Licence, enabling seamless payment initiation and fund flows, is the final piece, built using the Central Bank’s Aani platform, resulting in a unified payments infrastructure for an integrated user experience.
Strengthening Financial Inclusion and Digital Transformation
Pay10’s goal extends beyond compliance and operational efficiency. With this licence, the fintech aims to support the UAE’s national development agenda by:
- Expanding access to financial services for unbanked and underserved communities
- Promoting economic diversification through innovative payment solutions
- Driving the country’s digital transformation by fostering secure, interoperable financial ecosystems
The Open Finance framework plays a crucial role in enhancing transparency and interoperability within the financial sector. It enables secure third-party access to financial data, which has profound implications for embedded finance, digital identity, and financial inclusion.
Setting the Benchmark for Fintech in UAE
As the first fintech to become operational under the Open Finance framework, Pay10 is setting a precedent for others. Gill emphasized that this milestone comes with both honour and responsibility. “We understand the importance of setting high standards—operationally, technically, and in governance—for those who follow,” he stated.
The Central Bank of the UAE has made it clear that the broader potential of the Open Finance framework will unfold as more licensed banks and fintechs integrate into the system. Until then, Pay10 stands at the forefront, demonstrating the tangible benefits of regulatory clarity, technical innovation, and strategic foresight.
By securing the Open Finance Licence in the UAE, Pay10 is not only reinforcing its position in the market but also contributing meaningfully to the region’s financial evolution, where inclusivity, digital access, and innovation take centre stage.
