The main participants in the program are Dubai Commercial Bank, First Abu Dhabi Bank, Mashreq Bank, Ras Al Khaimah National Bank, and Zand. The Dubai International Finance Center (DIFC) has launched Open Finance Lab, a ten-month program to promote the development and growth of the UAE’s financial technology sector.

In the program, participants will work to unleash the next wave of growth for the sector and to increase consumer protection, financial inclusion, social benefits, and economic opportunities. The laboratory will run in-depth business and technical workshops and facilitate industry and regulatory forums on key issues.

The main participants in the program are Dubai Commercial Bank, First Abu Dhabi Bank, Mashreq Bank, Ras Al Khaimah National Bank, and Zand. Speaking on the initiative, Arif Amiri, CEO of the DIFC Authority, said: “The launch of the region’s first Open Finance Laboratory reaffirms DIFC’s commitment to driving DIFC’s Financial Future and provides a framework for moving the country towards an Open Financial economy. The evolution of data-based business models that make finance more comprehensive, accessible, and competitive can open significant new opportunities and open the door to a wave of financial innovation in our region and around the globe. ”