ABU DHABI: In a significant move towards enhancing the financial infrastructure of the United Arab Emirates, the Central Bank of the UAE (CBUAE) Board of Directors has approved the establishment of “Nebras Open Finance LLC” and a digital “Know Your Customer” platform. The decision, made during the seventh board meeting chaired by His Highness Sheikh Mansour bin Zayed Al Nahyan, aims to foster open finance activities and support digital transformation across the sector.
According to Emirates News Agency, the meeting held at Qasr Al Watan focused on the CBUAE’s projects and future plans, highlighting the substantial progress of the Financial Infrastructure Transformation Programme, which has achieved an 85% completion rate. The board also approved the Central Bank’s estimated budget for the fiscal year 2025 and reviewed financial statements projecting a 22% increase in assets to AED877 billion.
The board noted a 9% rise in the UAE banking sector’s assets, reaching AED4.462 billion, and a 7% increase in nation
al banks’ capital and reserves to AED505 billion. The “Aani” instant payment platform, during its trial phase, attracted over one million users and processed over 400,000 transactions daily, with a monthly transaction value exceeding AED20 billion.
In support of Emiratisation, the board reviewed results from the 2024 initiative, which surpassed targets by employing 2,227 Emiratis, increasing the Emiratisation rate to 121%. The board also approved regulations to support the financial and insurance sectors, including new rules for insurance companies and financial technology legislation.
