Pay10, a rising fintech leader, has made headlines as the first company to go live on the Central Bank of the UAE’s Open Finance Framework. This marks the debut of regulated Open Finance infrastructure in the UAE—surpassing all other banks and fintechs—giving Pay10 a significant head start in the rapidly evolving alternative payments market.

Based in the UAE, Pay10 is a Business Alternative Payment Method (APM) solutions company that offers innovative payment solutions to businesses. With the latest development, the company is now officially licensed to provide payment initiation services, such as the highly anticipated variable recurring payments.

This milestone is not only a company achievement — it's a breakthrough for the UAE fintech sector. By going live on the Open Finance platform, Pay10 is setting a new standard in digital finance and cementing its place as a regulatory innovation leader.

This is Pay10's third regulatory license in the UAE. It already has Retail Payment Services and Card Schemes (RPSCS) and Stored Value Facilities (SVF) licenses. Adding Open Finance to its platform is a powerful reinforcement of strengths that allows Pay10 to deliver an end-to-end digital, interoperable financial experience.

What It Means for the UAE

The UAE Central Bank launched the Open Finance Regulation in mid-2024 to boost secure, open access to consumer financial data by authorized third-party providers. It is one of the pillars of the country's digital economy initiative, which aims to extend financial inclusion, data openness, and innovation.

However, although Pay10 is the initial one to be launched, the true potential of Open Finance will be realized when other banking players come on board. As the integrations are completed, businesses and consumers will be able to benefit from faster payments, better financial tools, and better access to tailored services.

Prabhpreet Singh Gill, Pay10 Chairman, explained:

"To be the first fintech to go live in production on the Open Finance framework is an honor and a duty. We believe in the importance of setting a standard—operationally, technically, and in governance—for others to build upon."

Gill further stated that the licence presents new opportunities for embedded finance, digital identity authentication, and financial institution interoperability without friction.

Why the Pay10 Milestone Matters

With this regulatory go-ahead, it now possesses all three core authorisations that are applicable in the UAE's digital finance landscape. Its first-mover benefit in Open Finance puts it on a path to become a significant player not only regionally, but across the Middle East and emerging markets too. As the UAE looks to become a digital finance hub, Pay10's pioneering step shows what can be achieved when regulation and innovation walk together.