UAE-based alternative payment method (APM) provider Pay10 has secured an open finance licence from the Central Bank of the UAE, enabling it to provide payment initiation services, including variable recurring payments across the country.
As a result of the latest authorisation from the Central Bank of the UAE, Pay10 is now fully onboarded and operational on the regulators’ Open Finance framework, which enables real-time connectivity to bank accounts, laying the foundation for future innovation in data-driven financial services across the region.
Pay10’s APM platform enables instant payments, merchant services, and real-time cross-border transactions. Having obtained open finance authorisation, Pay10 now boasts three regulatory licences in the UAE, adding to its existing authorisations the Retail Payment Services and Card Schemes (RPSCS) and Stored Value Facilities (SVF) frameworks.
Now that Pay10’s platform integrates all three of these core regulatory licences, the APM provider says it is ready to support a fully digital, interoperable financial services stack under the direct supervision of the Central Bank of the UAE.
Speaking to The Fintech Times, Harry Gill, chairman of Pay10, explained that this news represents the culmination of a pre-planned approach by the company. “This milestone is the result of a deliberate, phased strategy. We secured both the RPSCS and SVF licences in tandem, covering merchant acquisition and customer-facing services.
“The Open Finance licence is the final piece, enabling seamless payment initiation and fund flows. By leveraging the Central Bank’s Aani platform alongside these licences, we’ve built an integrated payments infrastructure that delivers a truly unified user journey.”
With these licences, Pay10 plans to contribute to the UAE’s national development agenda by expanding access to financial services for unbanked and underserved populations, promoting economic diversification, and advancing the country’s digital transformation goals.
Setting the standard
Pay10 is the first fintech company to go live in production on the Open Finance framework, and the Central Bank of the UAE says that the framework’s broader impact will come into fruition once more licensed banking partners complete their integration into the ecosystem.
“Becoming the first fintech to go live in production on the Open Finance framework is both an honour and a responsibility,” added Gill, in reaction to the news. “We recognise the importance of setting a standard – operationally, technically, and in governance – for those who follow. This milestone underscores the UAE’s leadership in building a secure, interoperable financial ecosystem anchored in regulatory clarity and innovation.”
The new open finance licence opens new opportunities for secure third-party access to financial data, with implications for embedded finance, digital identity, interoperability, and broader financial inclusion.
The Central Bank of the UAE’s Open Finance framework supports enhanced transparency, innovation, and interoperability within the financial sector, and is a key pillar of the UAE’s broader digital economy and financial inclusion strategy.
