United Arab Emirates
Jordan
BahrainUAE
Jordan
Bahrain
To stimulate innovation across the UAE’s financial sector by encouraging more consent-driven, data-rich, collaborative, secure and customer-centric digital business and service models. Achieving this vision will deliver greater clarity and control to customers, so that they can manage their finances better.
– Target Financial Institutions: The Open Finance instructions apply to all banks and Payment Service Providers (PSPs) holding licences in Jordan.
– Enforceability: It is mandatory for all financial institutions to allow TPPs access to customer data via APIs after obtaining customer consent.
– API Scope: TPPs can access various types of customer account data, including transaction data, account information, and other relevant data.
– Target TPPs: This includes both Account Information Service Providers (AISPs), which access customer data, and Payment Initiation Service Providers (PISPs), which facilitate third-party providers in offering payment services.
– Technical and Security Requirements: The responsibility for establishing and documenting technical and security standards for Open Finance services, based on best practices, lies with banks and PSPs.
– Open Finance Policy: Both banks and PSPs must create comprehensive documented policies addressing security aspects, data sharing, and contracting with TPPs, including defining the roles and responsibilities of boards and executive managers in relation to Open Finance services.
– Risk Management: Banks and PSPs must identify, manage, and monitor risks associated with TPP contracts and provide Open Finance services.
– Authentication: Banks and PSPs are required to conduct due diligence with TPPs to verify their identity. The instructions also encompass data privacy and consumer protection requirements.
– Commercialisation: Banks and PSPs are allowed to monetise their APIs but there is currently no guidance in terms of fees and pricing.
The API specifications are designed to be extensible, allowing for updates to capabilities and functionality.
The Bahrain OBF follows the PSD2‘s guidance. In addition, the Bahrain OBF API specifications have drawn references from the UK OBIE API specification guidelines, the intellectual property rights for which belong to OBIE, UK and are subject to usage limitations as specified by OBIE, the UK.
Buy now, Pay later (BNPL) offers customers a flexible range of instalment options to choose from while shopping. First introduced and revolutionised by Klarna, a Swedish financial firm, in 2005. Recently Taly launched the first Sharia-compliant BNPL service in the Kingdom of Bahrain, which is free for customers.
Open Finance Standards v1.2-final – 20/12/2024
Unspecified
v1.0.0 / 28 Oct 2020
The API specifications and business rules are publicly available.
All licensed financial institutions (LFIs) are required to adhere to the open finance standard.
Accredited TPPs may access LFI APIs within the ecosystem.
Access to account information and payment initiation services requires access to customer accounts through APIs with licensees maintaining customer accounts.
The Bahrain OBF API specifications have drawn references from the UK OBIE API specification guidelines, the intellectual property rights for which belong to OBIE, and are subject to usage limitations as specified by OBIE.
Regulated
Regulated
Regulated
Key elements of the Open Finance Framework:
1. Roadmap: Access the detailed open finance roadmap, ensuring clarity and ease of updates.
2. Approved Use Cases: Review the approved use cases demonstrating the practical applications and benefits of open finance.
3. Catalogue of Standards: Browse through the comprehensive catalogue of all Open Finance standards relevant to LFIs and TPPs.
4. Testing and Certification Framework: Requirement and process for LFIs and TPPs for testing and certifications.
5. Open Finance Platform: User guides and other essential documentation for the Open Finance Platform (OFP).
6. Limitation of Liability Model: Address various dispute scenarios, identify the liable and responsible parties, and estimate the extent of redress.
7. Commercial and Pricing Model: Sets out the fee structure for access to and usage of the Open Finance Platform.
8. AML and Fraud Guidelines: Cover Anti Money Laundering and Fraud Management Guidelines across components
The first in the world to include Islamic banking licenses.
The framework is principally based on global ISO standards, specifications and guidelines as published by the Open Banking Implementation Entity (OBIE) in the U.K, the Open Banking standards in Australia, and the Payment Services Directive (PSD2). These have been customized for implementation in Bahrain based on existing practices and terminology used by the Bahrain ecosystem.
Banks must share generic product information relevant to all the principal retail banking products and services, free of any fees or charges.
In addition to these basic services, AISPs/PISPs are free to provide other value-added services for which they may bilaterally agree with the customer. Thus, some accredited third-party providers may decide to charge for some of their products/solutions/services customised for customers’ needs.
Finance
Open Finance
– Bank Service Initiation
– Bank Data sharing
– Insurance Data Sharing
Banking
– Account information
– Extended services
– Payment initiation services
– Product information
Banking
Open Banking
-
Account information
-
Payment Initiation
Current Accounts
Savings
Fees
Financial Institutions
FX
Offers
Current Accounts
Certificates
Registry
Registry
Certificates
Registry
FAPI 2.0
OAuth
OIDF
CIBA
FAPI1
OAuth
OIDC
Access to the Open Banking API is secured using the Open ID Foundation’s Financial Grade API (FAPI) Profile.
Access also requires customers (Payment Service Users or PSUs) to undergo Strong Customer Authentication (SCA) as part of OpenID Connect authorisation flows.
The API currently supports app->web, mobile-web->web, web->web authentication flows.
More about security.
Accounts
Balances
Beneficiaries
Direct Debits
Parties Or Contacts
Standing Orders
Transactions
Accounts
Balances
Beneficiaries
Confirmation Of Funds
Transactions
Accounts
Balances
Direct Debits
Other
Parties Or Contacts
Standing Orders
Statements
Transactions
Bulk & Batch
Fixed Recurring
Future Dated
International Payments
Refunds
Single Instant
Variable Recurring Payments
Bulk Payments
Future Dated Payments
Single Domestic Payments
Single International Payments
API Specifications
Customer Experience Guidelines
Operational Guidelines
API Specifications
API Specifications
Operational Guidelines
The following resources are available to all registered developers:
– Open Finance Framework (including Use Cases, Business Rules and Standards)
Customer Experience
Functional
Operational
Security Profile
Operational
Security Profile
Open finance in the UAE is a relatively new concept, however the region has moved quickly and offers one of the most comprehensive sets of open finance functionality. The first version of the Standard was published in August 2024, with an updated version released in December 2024.
The Central Bank of Bahrain’s (CBB) rules relating to Open Banking were introduced in December 2018, when the CBB mandated the adoption of Open Banking for all retail banks in the Kingdom. While a majority of the banks and the third parties have progressed on implementation of Open Banking to meet the prescribed deadline of June 2019, in order to accelerate adoption, the CBB felt the need to ensure that there is a high degree of consistency in the implementation of Open Banking. Towards this objective, the CBB, in consultation with industry participants, has developed the Bahrain Open Banking framework of standards and guidelines.
In October 2020, the Kingdom launched the Bahrain Open Banking Framework (Bahrain OBF) and the framework is holistic in defining the Open Banking Regulation, guidelines, technical standards for Open API platforms, security standards (including data privacy), and overall governance.
The governance of Open Finance in the UAE is overseen by the Central Bank of the UAE (CBUAE). CBUAE sets the regulations, with AlTareq setting the guidelines, and standards for open finance implementation, monitors compliance, and ensures the security, privacy, and protection of customer data within the framework.
Governed by the CBB (Central Bank of Bahrain). The board of CBB compromises of seven Directors, appointed by Royal Decree for a renewable term of four years.
The Governor, with a ministerial rank, is in charge of the day-to-day management and is directly accountable to the Board. This position is appointed by Royal Decree for a renewable 5-year term, and it might be supported by Deputy Governors.
The responsibilities of the Governor include presenting a report to the Board within 3 months after the end of the fiscal year regarding operations, audited accounts and external auditor’s opinion on said accounts.
CBB is also required to present financial and operational reports to the Board and the Ministry of Finance.
Internal governance is maintained effectively through a system of internal committees, documented policies, procedures, internal audits and quality assurance functions.
Read more about governance.
The framework will continue to be revised and updated periodically, based on inputs from the industry and changing global trends.
– Security Certification (to the OpenID FAPI 2.0 profile)
– Functional Certification
– Customer Experience Certification
The list of CBB licensees who have provided self-declarations to CBB stating that they have completed their implementation tasks and are fully compliant with Bahrain OBF v.1.0.0 (Phase 1).
Only accredited TPPs are able to access the Open Finance ecosystem.
Users must obtain a license through the CBB.
