Pay10 First Fintech Company to go directly on the central bank of the open financing framework in the United Arab Emirates

Pay10, an alternative -based alternative payment provider in the United Arab Emirates, has announced its completion as the first Fintech company that runs live on the central bank of the open financing framework in the United Arab Emirates. This Pay10 mandate allows for payment starting services, including changing repeated payments.

This is the first direct launch of the infrastructure of the organized open finance in the United Arab Emirates, before any financial or fuse. The open financing license is a third Pay10 organizational license in the United Arab Emirates, adding to its current licenses as part of retail payment services, card plans and facilities with a value -stored.

Although Pay10 is now fully operating, the broader effect of the open financing framework will be achieved with the integration of licensed banking partners in the ecosystem.

PrayPreet Singh Gill, Pay10 president, said approval follows a strict regulatory process. “To become the first fuse to advance in production in the framework of open financing is an honor and responsibility. We are aware of the importance of setting a standard – operational, technically, and in management – for those who follow. This characteristic emphasizes the leadership of the United Arab Emirates in building a safe and secure ecosystem in organizational clarity and innovation.”

The company said that this license will open new ways to safely access financial data to financial statements, with great repercussions on integrated financing, digital identity, inter -employment, and financial integration.

The Central Bank of the United Arab Emirates presented the open financing list in mid -2014, which shows a gradual strategy for safe access to the financial statements that are provided to the customer through the licensed third -party service providers. This framework supports transparency, innovation, and the ability to intercourse within the financial sector, an integral part of the digital economy in the United Arab Emirates and financial integration.

The Pay10 platform is now integrating all the three basic organizational qualifiers – RPScs and SVF and open financing – in the company’s position to support a staple of digital financial services and subject to mutual operation under the supervision of the supervision of the United Arab Emirates.