In a major step toward shaping the future of finance in the region, Spare, a leading Open Finance infrastructure provider, has received In-Principle Approval (IPA) from the Central Bank of the UAE (CBUAE). This marks a key milestone as the UAE advances its Open Finance regulatory landscape.
The approval allows Spare to move forward under the UAE’s newly established Open Finance framework, placing it among the first group of companies on the path to full regulatory authorization.
A Strong Signal for Financial Innovation
This development is more than just regulatory recognition. It underscores Spare’s deep commitment to secure, compliant, and consumer-centric financial innovation. The UAE’s decision to grant IPA reaffirms the country’s ambitions to lead the region in digital financial services and Open Finance adoption.
According to Dalal AlRayes, Co-founder and CEO of Spare:
“We see the UAE as a strategically important market for Open Finance, with a clear regulatory framework and strong momentum in digital financial services. This approval is a strong vote of confidence in our technology, our approach to responsible innovation, and our long-term vision for Open Finance in the region.”
Why the UAE Matters in Spare’s Expansion
The UAE is a key piece in Spare’s regional strategy. The company is focused on entering markets with mature regulatory structures that promote innovation while ensuring financial stability. The IPA from the CBUAE comes shortly after the Central Bank introduced the Open Finance Regulation, creating a solid foundation for financial technology firms like Spare to scale responsibly.
Spare is already licensed by the Central Bank of Bahrain and actively operates across:
✅ Saudi Arabia
✅ Bahrain
✅ United Arab Emirates
✅ Kuwait
What Spare Offers
Spare delivers a powerful and secure API-based infrastructure that connects businesses to financial data and payment capabilities. Its unified Open Finance platform enables:
- ✅ Account-to-account payments
- ✅ Recurring and future-dated payments
- ✅ Account aggregation and financial data access
- ✅ Identity verification and customer onboarding
- ✅ Risk assessment tools for safer financial services
This infrastructure is helping banks, fintechs, and merchants improve user experiences, streamline operations, and enhance trust in digital financial ecosystems.
Building the Future of Financial Connectivity
Spare’s mission is to become the connectivity layer of the region’s financial services industry. Through seamless integrations and robust regulatory alignment, the company is helping build a more open, efficient, and transparent financial system in the Middle East.