Open Finance infrastructure provider Spare has gained In-Principle Approval (IPA) from the Central Bank of the UAE (CBUAE) to operate under the country’s Open Finance regulatory framework.
Spare is already licensed by the Central Bank of Bahrain as an Account Information Service Provider and Payment Initiation Service Provider (AISP/PISP). They also have robust presence across Saudi Arabia, UAE and Kuwait, providing Open Finance solutions that power account aggregation, open banking payments and financial data connectivity.
This approval from CBUAE places Spare among the first cohort of companies advancing toward full regulatory authorization under the UAE’s Open Finance framework. It also highlights the company’s commitment to driving secure, compliant and user-centric financial innovation across the region.
As part of Spare’s regional expansion strategy, the UAE reinforces the company’s approach of entering markets with a well-defined regulatory framework. Spare’s expansion into the UAE comes shortly after the establishment of the Central Bank’s Open Finance Regulation.
Spare offers merchants a secure and unified API platform for financial account-to-account payments and data access, enabling capabilities such as recurring payments, future dated payments, account aggregation, identity verification, and risk assessment and many more.
Dalal AlRayes, Co-founder and CEO of Spare, commented that, “We see the UAE as a strategically important market for Open Finance, with a clear regulatory framework and strong momentum in digital financial services. This approval is a strong vote of confidence in our technology, our approach to responsible innovation, and our long-term vision for Open Finance in the region.”
