Open finance provider
A firm licensed to offer data sharing or service initiation to customers under an open finance regime.
An open finance provider is a legal entity licensed by the regulator to carry on open finance services, meaning data sharing, service initiation or both, as the Central Bank of the UAE's regulation puts it. Providers must meet governance, risk management, data protection and security requirements. They are distinct from the licensed institutions that hold customers' accounts and products.
Sources
This entry explains a term; it is not a Shariah ruling. Approving a product is for each institution's own Shariah board and regulator.
Related terms
Open financeCustomer-permissioned sharing of financial data, and initiation of services, by licensed third parties through secure interfaces.Data holderThe licensed institution that holds a customer's data and must make it available to authorised providers with the customer's consent.Regulatory sandboxA regulator's framework for testing new financial products with real customers, under agreed conditions and close supervision.Consent (open finance)The customer's explicit, informed permission for a provider to access specified data or initiate a transaction.