The Central Bank of the UAE (CBUAE) has successfully completed Project Aperta, an international initiative led by the Bank for International Settlements (BIS) focused on enabling secure and interoperable cross-border open finance.
The project establishes an interoperability framework designed to connect open finance systems across multiple jurisdictions. It supports efforts by the UAE to improve global financial connectivity and facilitate cross-border financial services.
Project Aperta was developed in collaboration with the BIS Innovation Hub Hong Kong Centre, the Hong Kong Monetary Authority, the Central Bank of Brazil, and the Financial Conduct Authority of the United Kingdom.
It also involved contributions from the Global Legal Entity Identifier Foundation, the International Chamber of Commerce Digital Standards Initiative, and the Hong Kong University Standard Chartered Foundation FinTech Academy.
Cross-border interoperability framework
The project demonstrated how domestic open finance systems can be connected through a neutral interoperability layer without changes to existing national regulatory frameworks. It tested two use cases across five economies.
The first use case focused on cross-border data portability, enabling faster onboarding processes and reducing manual verification through the secure exchange of verified business information.
The second use case examined trade finance lifecycle management, showing how structured digital data can support processes from contract issuance to final settlement.
According to the CBUAE, the tests confirmed that cross-border data exchange can be carried out while maintaining domestic regulatory requirements, security standards, and supervisory oversight.
The project also identified potential efficiencies, including reduced duplication, lower compliance costs, and faster onboarding for SMEs involved in international trade.
Khaled Mohamed Balama Governor – CBUAE
“Project Aperta reflects our vision to position ourselves among the world’s leading central banks in promoting monetary and financial stability and supporting the UAE’s competitiveness by advancing a more connected, efficient, and trusted global financial ecosystem. By enabling the secure and seamless exchange of data, the project contributes to the development of next-generation financial services and empowers businesses and financial institutions to access global markets more efficiently.”
All architectural blueprints, translation protocols, trust framework designs, reference code, and data models developed under Project Aperta have been released as open and reusable resources.
The materials are intended to support adoption by other jurisdictions seeking to develop interoperable open finance systems.
