Abu Dhabi - Sharikat Mubasher: Spare, a leading provider of open finance infrastructure, secured In-Principle Approval (IPA) from the Central Bank of the UAE to operate under the country’s Open Finance regulatory framework.
This milestone underscores Spare’s commitment to secure, compliant, and user-centric financial innovation across the region, the company announced in a press release today.
Obtaining the IPA is part of the company’s expansion strategy and aligns perfectly with its approach of entering markets with a well-defined regulatory framework.
Dalal AlRayes, Co-founder and CEO of Spare, stated that the approval reflects the confidence in the company’s technology, its approach to responsible innovation, and its long-term vision for Open Finance in the region. “We see the UAE as a strategically important market for Open Finance, with a clear regulatory framework and strong momentum in digital financial services,” she added.
Spare provides merchants with a secure and unified API platform for financial account-to-account payments and data access, offering various capabilities such as recurring payments, future-dated payments, account aggregation, identity verification, and risk assessment.
Operating in Saudi Arabia, Bahrain, UAE, and Kuwait, Spare delivers Open Finance solutions that power account aggregation, open banking payments, and financial data connectivity.
