In a significant advancement for the UAE’s fintech landscape, First Abu Dhabi Bank (FAB), the country’s largest bank, and alternative payments platform Pay10 have officially launched Open Finance services for retail customers. This move marks a key milestone for Al Tareq, the Open Finance Initiative established by the Central Bank of the UAE (CBUAE).
A Milestone for Al Tareq
As one of the first banks to go live under the Al Tareq initiative, FAB is setting a precedent for the future of financial services in the region. The launch enables selected retail current and savings accounts to connect via Open Finance, allowing for secure access to services like Pay by Bank payment initiation and other related use cases.
This activation was enabled by Nebras, the Open Finance platform operating under the CBUAE’s oversight, which confirmed that both FAB and Pay10 have met all required connectivity, governance, and control standards for participation.
From Testing to Live Transactions
The go-live signifies a critical transition from a testing environment to controlled live usage. Pay10 and FAB have already completed successful live transactions on the production environment, confirming the end-to-end connectivity, data flows, and operational readiness of the system.
This initial phase allows both institutions to validate real-world customer journeys and transaction flows, gathering crucial data ahead of a broader customer rollout. This strategic approach ensures a secure and seamless experience as the services scale.
The Vision for a Digital Ecosystem
FAB’s participation underscores its commitment to advancing Open Finance adoption in the UAE, supporting the CBUAE’s vision for secure, data-driven financial services through collaboration and innovation.
Commenting on the milestone, Harry Gill, Founder and Chairman of Pay10, said, “At Pay10, our focus is on translating regulated frameworks into real, scalable solutions. This go live with First Abu Dhabi Bank represents a meaningful step in enabling secure data access, interoperable payment use cases, and alternative payment innovation at scale. It reflects a market that values execution, trust, and collaboration; principles that align closely with the UAE leadership’s vision for a resilient and forward-looking digital financial ecosystem.”
About First Abu Dhabi Bank (FAB)
First Abu Dhabi Bank is the UAE’s largest bank and one of the world’s largest and safest financial institutions. FAB’s vision is to be the #1 bank in the MENA region, providing long-term value for its shareholders, customers, and employees. The bank is committed to driving innovation and supporting the UAE’s economic ambitions.
About Pay10
Pay10 is a regulated alternative payments platform delivering secure, interoperable, and compliant digital payment solutions. Licensed and operating under regulatory frameworks in India, the UAE, Bahrain, and Morocco, and expanding into additional international markets, Pay10 works closely with regulators, financial institutions, and ecosystem partners to support the development of trusted digital payment infrastructures.
Source: Zawya
