Fintech company Lean Technologies secures authorization within the UAE's Open Banking system
In a significant stride for the UAE's digital financial services landscape, Lean Technologies has received official approval to expand its Open Finance infrastructure. This milestone, under the Central Bank of the UAE’s (CBUAE) Financial Infrastructure Transformation Programme, marks a major step forward in the rollout of Open Finance in the country.
The approval empowers Lean to provide broader, regulated, and secure financial services. By facilitating seamless, consent-based access to diverse financial data beyond traditional banking—covering loans, insurance, investments, and payments—Lean aims to foster interoperability and innovation.
Open Finance in the UAE is being rolled out through the Al Tareq platform, a secure, regulated API framework for consumer-authorized data sharing among licensed institutions. Lean's approval complements this ecosystem, allowing banks, fintechs, and non-financial firms to integrate account connectivity, transaction data access, and payment initiation into their applications.
One of the benefits demonstrated by Lean’s implementation is the enhancement of speed and quality of financial services. For instance, Tabby, a buy now, pay later provider, has reduced customer application processing time from days to minutes by leveraging real-time bank data.
Open Finance aims to give individuals and businesses greater control over their financial data, facilitate faster credit access, improve financial planning, and support a broader range of financial products and services beyond banking. Lean's approval positions it strategically within the MENA region’s rapidly growing Open Finance market, which is projected to increase from $1.65 billion in 2022 to $11.74 billion by 2027.
Lean is actively engaging with regulators and preparing for future expansions and innovations, including payment initiation services expected in the next 18 months. This robust commitment to supporting the UAE’s ambition as a global financial hub is underlined by Lean's strategic positioning.
With this approval, Lean Technologies is expanding access, enabling more people and businesses to participate fully in the digital economy. As one of the leading providers of Open Finance services in the UAE, Lean is set to deliver instant account-to-account payments, faster loan approvals, and smarter financial tools, transforming how users make payments, access credit, and manage money, laying the groundwork for an inclusive and efficient financial ecosystem.
- Lean Technologies, with the official approval to expand its Open Finance infrastructure, will now provide broader, regulated, and secure financial services.
- Lean aims to foster interoperability and innovation by facilitating seamless, consent-based access to diverse financial data beyond traditional banking.
- This expansion allows banks, fintechs, and non-financial firms to integrate account connectivity, transaction data access, and payment initiation into their applications.
- Open Finance in the UAE, through the Al Tareq platform, is being rolled out to give individuals and businesses greater control over their financial data.
- Lean's strategic positioning within the MENA region’s rapidly growing Open Finance market is evident as it is projected to increase from $1.65 billion in 2022 to $11.74 billion by 2027.
- Lean is actively engaging with regulators and preparing for future expansions, including payment initiation services expected in the next 18 months, solidifying its commitment to supporting the UAE’s ambition as a global financial hub.
