Saudi-founded fintech powerhouse Lean Technologies has achieved a significant milestone, becoming one of the first companies to receive regulatory approval from the Dubai Financial Services Authority (DFSA) to provide Open Finance services from the Dubai International Financial Centre (DIFC). This approval marks a pivotal moment for the UAE’s financial technology landscape, paving the way for a new era of innovation and competition.
A Milestone for Regional Open Finance
The new regulatory framework, established by the DFSA, is designed to accelerate the adoption of Open Finance in the region. By granting this approval, the DFSA enables Lean to launch its ‘Payments’ and ‘Data’ solutions in the UAE, empowering its clients to build next-generation financial products. This move signals a strong commitment from UAE regulators to foster a more open, connected, and customer-centric financial ecosystem.
Hisham Al-Hasan, Co-founder and CEO of Lean Technologies, commented on the achievement, stating, “The UAE has always been a critical market for us, and with the introduction of this framework and our authorisation, we are excited to be able to meaningfully contribute to the growth and development of the local fintech ecosystem.”
Unlocking Payments and Data Solutions
Lean’s platform serves as a crucial bridge between financial institutions and fintech innovators. With this approval, Lean’s clients—including leading fintechs and established enterprises—can now securely access their customers’ financial data with explicit consent. Furthermore, they can initiate direct payments from their customers’ bank accounts, streamlining transactions and creating seamless user experiences.
“This authorisation is a massive step forward for Lean and the UAE’s financial services industry,” added Mehdi Tazi, Co-founder and Chief Business Officer at Lean. “It will act as a catalyst for the next wave of innovation in the region, empowering our clients to create cutting-edge solutions that will ultimately benefit businesses and consumers.”
DIFC’s Role in Fostering Innovation
The Dubai International Financial Centre (DIFC) continues to solidify its position as a leading global hub for finance and technology. By creating robust yet progressive regulatory frameworks, the DIFC and DFSA provide a fertile ground for companies like Lean to thrive and scale their operations. This proactive approach is essential for attracting top-tier talent and capital to the region.
Salmaan Jaffery, Chief Business Development Officer at DIFC, remarked, “Lean Technologies is a great example of a home-grown, innovative company that will contribute to the future of finance and our dynamic ecosystem. The Open Finance framework is a key part of our strategy to accelerate the UAE’s economic growth by creating a more innovative and transparent financial services sector.”
About Lean Technologies
Founded in Saudi Arabia, Lean Technologies is a pioneering financial technology company dedicated to enabling the next generation of financial innovation in the MENA region. Its universal API allows developers to seamlessly integrate with their users’ bank accounts to retrieve data and initiate payments. By abstracting the complexity of the financial landscape, Lean empowers developers to focus on building superior products and services for their customers.
Looking Ahead
Lean Technologies’ regulatory approval is more than just a company win; it’s a powerful signal to the entire market. This development is expected to spur greater competition and collaboration between banks and fintechs, leading to more sophisticated and user-friendly financial products for consumers across the UAE. As Open Finance gains traction, the UAE is cementing its status as a forward-thinking leader in the global fintech revolution.
