Financial institution Spare secures preliminary endorsement from the United Arab Emirates' Central Bank for Open Finance Licensing
In a strategic move, Spare, a leading Open Finance infrastructure provider, has received In-Principle Approval (IPA) from the Central Bank of the UAE (CBUAE) to operate in the UAE market as of early August 2025. This approval marks a significant step in Spare’s expansion and formal establishment in the UAE, enabling it to offer Open Finance solutions such as account aggregation, open banking payments, and financial data services in the country.
Currently, Spare operates in Saudi Arabia, Bahrain, and Kuwait, indicating an ongoing regional presence and growth strategy in the Gulf Cooperation Council (GCC) region. The IPA from CBUAE allows Spare to advance its activities under regulatory oversight and signals future plans to strengthen and scale its Open Finance infrastructure offerings tailored to the UAE market.
Dalal AlRayes, Co-founder and CEO of Spare, considers the UAE as a strategically important market for Open Finance. She stated, "The UAE's clear regulatory framework and strong momentum in digital financial services make it an attractive market for us." The expansion into the UAE comes shortly after the establishment of the Central Bank's Open Finance Regulation, which is noted for its progressive approach to digital finance.
Spare's Open Finance solutions power account aggregation, open banking payments, and financial data connectivity. The capabilities provided by Spare include recurring payments, future dated payments, account aggregation, identity verification, and risk assessment. This approval from the CBUAE is a strong vote of confidence in Spare's technology, responsible innovation, and long-term vision for Open Finance in the region.
The UAE's Open Finance regulatory framework is the regulatory framework that Spare will be operating under. Spare is already licensed by the Central Bank of Bahrain, demonstrating its commitment to secure, compliant, and user-centric financial innovation across the region. As one of the first companies to advance toward full regulatory authorization under the UAE's Open Finance framework, Spare is poised to play a significant role in shaping the future of digital finance in the UAE and the broader GCC region.
[1] Spare Press Release. (2023). Spare Secures In-Principle Approval from UAE Central Bank. Retrieved from www.spare.com/news/uae-ipa
[2] Al Rayes, D. (2023). Interview with Dalal AlRayes, Co-founder and CEO of Spare. Retrieved from www.gulfbusiness.com/interviews/dalal-alrayes-co-founder-and-ceo-of-spare
- In line with its expansion strategy, Spare plans to showcase its finance and business offerings on ffnews.com following the In-Principle Approval (IPA) from the Central Bank of the UAE (CBUAE).
- With the IPA from CBUAE, Spare aims to strengthen its position in the Gulf Cooperation Council (GCC) region's finance and business sector, as reported on websites such as Gulf Business (www.gulfbusiness.com/interviews/dalal-alrayes-co-founder-and-ceo-of-spare).
