Financial technology company Lean Technologies secures approval from UAE's Open Finance regulatory system
In a significant move towards modernising the UAE's financial sector, Lean Technologies, a leading provider of Open Finance services, has received regulatory approval from the Central Bank of the UAE to operate under the country's new Open Finance framework [1][3][5].
This approval marks a significant milestone in the UAE’s efforts to create a more accessible, interoperable, and inclusive financial system. Hisham Al-Falih, CEO and co-founder of Lean Technologies, stated that this approval allows Lean Technologies to expand its Open Finance infrastructure and services across the UAE and broader MENA region, positioning it as a leading platform for secure financial data and payment connectivity [1][3].
Lean’s platform supports regulated access to customer financial data and payment flows, facilitating faster loan approvals, streamlined payment processes, and personalized financial management tools [1][3]. It has already processed transactions exceeding $2 billion and connected over one million customer accounts, powering real-world applications in lending, payments, and personal finance [1][3]. The infrastructure leverages high API uptime, low latency, and enterprise-grade security compliant with ISO 27001 and SOC 2 standards [3].
Amira Sajwani, managing director at DAMAC Properties, has stated that Lean has modernized their payment collection process, shifting toward digital payments and improving collection speed [6]. Hosam Arab, CEO of Tabby, has also praised Lean's financial infrastructure, stating that it has strengthened their underwriting capabilities and boosted approval rates [7].
The UAE government’s Open Finance strategy, aligned with national initiatives like the UAE Centennial 2071 and the National Digital Economy Strategy, aims to foster financial inclusion, innovation, and efficiency by modernizing regulations and enabling secure data-sharing with customer consent [1][3]. Lean’s role as a regulated entity within this framework allows financial institutions and businesses to enhance user experience, optimize underwriting processes, and open access to underserved market segments [3].
The MENA Open Finance market is expected to grow from $1.65 billion in 2022 to $11.74 billion by 2027, with Lean at the forefront of this shift [2]. This growth is expected to accelerate the growth of innovative financial solutions and contribute to the UAE’s broader digital economy goals [1][3].
In summary, Lean Technologies’ approval under the UAE Open Finance framework is a critical step toward advancing the country’s digital financial ecosystem, delivering benefits such as improved transparency, speed, and personalization of financial services for both consumers and businesses [1][3][5]. The company has secured over $100 million in funding from leading global and regional investors and is now one of the leading providers of Open Finance services in the UAE [4].
References: [1] https://www.lean.co/press/lean-technologies-receives-regulatory-approval-from-the-central-bank-of-the-uae-to-operate-under-the-country-s-new-open-finance-framework [2] https://www.prnewswire.com/news-releases/middle-east-open-finance-market-to-reach-usd-11-74-billion-by-2027---researchandmarkets-301649950.html [3] https://www.lean.co/resources/open-finance-in-the-uae-an-opportunity-for-inclusive-growth [4] https://www.forbesmiddleeast.com/companies/lean-technologies/ [5] https://www.arabianbusiness.com/banking-finance/651937-lean-technologies-receives-regulatory-approval-from-central-bank-of-uae-to-operate-under-open-finance-framework [6] https://www.arabianbusiness.com/companies/607812-lean-technologies-is-revolutionising-the-uaes-property-market [7] https://www.arabianbusiness.com/companies/607812-lean-technologies-is-revolutionising-the-uaes-property-market
- Lean Technologies, following regulatory approval from the Central Bank of the UAE, will expand its Open Finance infrastructure and services across the UAE and MENA region, aiming to be a leading platform for secure financial data and payment connectivity.
- With the UAE’s new Open Finance framework, Lean Technologies will help create a more accessible, interoperable, and inclusive financial system, supporting regulated access to customer financial data and payment flows.
- Lean Technologies' platform facilitates faster loan approvals, streamlined payment processes, and personalized financial management tools, already processing transactions exceeding $2 billion and connecting over one million customer accounts.
- The UAE government’s Open Finance strategy aligns with national initiatives like the UAE Centennial 2071 and the National Digital Economy Strategy, aiming to foster financial inclusion, innovation, and efficiency by modernizing regulations and enabling secure data-sharing with customer consent.
- With its role as a regulated entity within the UAE Open Finance framework, Lean Technologies allows financial institutions and businesses to enhance user experience, optimize underwriting processes, and access underserved market segments.
- The MENA Open Finance market is expected to grow significantly, from $1.65 billion in 2022 to $11.74 billion by 2027, with Lean Technologies at the forefront of this shift, contributing to the UAE’s broader digital economy goals.
