An article by Tewfik Cassis, chief product & technology officer ay Lean Technologies

The UAE’s bold move

Financial innovation often develops in small, incremental steps. The UAE has chosen a different approach. With the Central Bank officially licensing Open Finance providers under the Nebras framework, the Emirates has launched with a scale and ambition that positions it among the global frontrunners, alongside early pioneers such as the UK and Singapore.

McKinsey estimates this transformation could deliver a one to five percent boost to GDP by 2030, equivalent to AED 80–90 billion in additional output, while supporting the country’s goal of deriving 20 percent of its non-oil GDP from the digital economy.

The UAE’s decision to launch a comprehensive Open Finance framework at this moment is significant. Other markets spent years testing basic account-to-account payment rails or limited data-sharing schemes before moving toward broader ecosystems. Nebras arrives with advanced capabilities from the outset, giving the UAE a head start in building modern financial infrastructure for a digital economy.

A global opportunity worth billions

Across major economies, open data is reshaping financial services at a speed few anticipated. Accenture estimates $416 billion in new revenue potential as financial data becomes more accessible, connected, and intelligent. The global open banking market, valued at $31.6 billion in 2024, is projected to grow more than fourfold to $135.2 billion by 2030, representing annual growth of nearly 28 percent.

For the UAE and the wider GCC, this represents more than sector-level innovation. Open Finance enables new categories of services, industries, and business models that extend beyond traditional financial institutions. It provides the infrastructure for a connected economy where payments, lending, insurance, and cross-border transactions move with greater speed, security, and intelligence.

Going beyond global standards

Nebras launches with capabilities that markets such as the UK and Europe added gradually over the better part of a decade. Variable Recurring Payments will support use cases beyond subscription billing—from instant payments and automated savings to dynamic cash flow management. Delegated Strong Customer Authentication will reduce the friction of repeated logins by allowing customers to authorise a single secure session across multiple merchants.

Open insurance data will make it possible for lenders to build more complete financial profiles rather than relying solely on banking data, creating opportunities for hyper-personalised products.

Cross-border payments are built in from the start—a critical feature in an economy where trade, investment flows, and remittances are central. While other frameworks were designed primarily for domestic retail banking, Nebras reflects the UAE’s position as a regional and international financial hub.

Transforming businesses and consumers

The economic impact becomes clear when looking at specific use cases. SMEs, which account for 94 percent of companies in the UAE yet access only a fraction of regional lending, stand to benefit significantly. Real-time, cash-flow-based underwriting allows lenders to approve loans in hours rather than weeks. In the UK, lenders using open banking data achieved approval rates 60 percent higher and credit decision accuracy 90 percent better than traditional methods.

Merchants also face transformative effects. Today, most pay 2 to 3 percent in card processing fees and wait several days for settlement. Open banking payments can reduce fees to under one percent, settle instantly, and eliminate fraud-related chargebacks through strong customer authentication. For a retailer processing 10 million dirhams annually, this could save up to 770,000 dirhams a year while improving liquidity and cash flow.

Consumers will see tangible benefits too. In mature open banking markets, borrowing costs have fallen by 15 to 30 percent as lenders price credit based on real financial behaviour rather than static credit scores. Automated savings tools and personalised financial management applications help households save both money and time. Remittances — where workers often pay 3 to 6 percent in fees — can become faster and cheaper through secure, account-to-account transfers settled in seconds.

These changes demonstrate how Open Finance reshapes entire financial systems rather than simply digitising existing processes.

Lessons from other markets

The experience of the UK shows how quickly adoption can scale once infrastructure, regulation, and industry incentives align. One in five UK consumers now uses open banking services, up from one in seventeen in 2021. The ecosystem processes more than 30 million payments each month, supports thousands of fintech companies, and contributes billions annually to the economy.

Singapore offers another model of regulatory clarity and public–private collaboration. Its framework enabled traditional banks and fintech companies to develop solutions jointly rather than in competition, accelerating both consumer adoption and innovation.

The UAE benefits from both examples but goes further by launching a single framework with capabilities others rolled out piecemeal. This approach creates conditions for regional leadership in financial innovation.

Building the digital economy

Open Finance provides the infrastructure to achieve the UAE’s “We the UAE 2031” vision to double GDP to 3 trillion dirhams. Embedded finance allows companies in sectors such as healthcare, logistics, and retail to integrate financial services directly into their platforms. Real-time tax compliance can reduce administrative burdens for businesses while improving reporting accuracy.

Dynamic pricing models across insurance, lending, and utilities will become more feasible, aligning costs with real-time behaviour and risk. The same infrastructure also enables predictive financial tools, automated credit facilities, and integrated procurement and financing platforms that improve efficiency across entire industries.

Security and trust at the core

Security and trust underpin every aspect of Nebras. Open banking already delivers fraud rates significantly lower than card payments. Nebras strengthens this by integrating national digital identity infrastructure, blockchain-backed audit trails, and explicit consent frameworks that give customers full visibility and control over their data.

By combining strong regulatory oversight with modern digital infrastructure, the framework protects consumers while enabling innovation at scale.

A strategic inflection point

The UAE now stands at a strategic inflection point. The infrastructure is in place, the regulation is clear, and the demand exists. Experience from other markets shows that early adopters tend to become market leaders, while late movers face higher costs and slower processes.

Open Finance represents one of the most significant transformations in financial services since the arrival of digital banking. With Nebras, the UAE has the opportunity to help shape this transformation on a global scale.