Commercial Bank of Dubai becomes UAE’s first bank live on Open Finance

Core Insights - Commercial Bank of Dubai (CBD) has become the first bank in the UAE to fully activate Open Finance under the Central Bank of the UAE's Open Finance Initiative, AlTareq, marking a significant milestone for the banking sector [2][4] Group 1: Implementation and Collaboration - The activation was achieved in collaboration with Central Bank-licensed third-party providers, including Pay10 and Lean Technologies, which are now operational with CBD under the Open Finance Framework [3] - CBD's retail current and savings account customers can now securely share financial data and initiate payments through regulated, consent-based mechanisms, indicating a shift from pilot programs to full-scale implementation [4] Group 2: Strategic Vision and Future Plans - CBD's CEO emphasized that the full-scale Open Finance activation positions the bank at the center of a fundamental shift in the UAE's financial architecture, aiming to create a more connected ecosystem for customers [5] - The activation is seen as a tangible step in realizing the UAE leadership's Open Finance vision, enabling secure customer access while maintaining compliance and trust [5] - Looking ahead, CBD plans to continue collaborating with its Open Finance partners to expand use cases and drive meaningful transaction activity in line with the objectives of the UAE's AlTareq Open Finance Initiative [6]