Prime Highlight
- The UAE Central Bank launched Nebras, a framework to license Open Finance providers and strengthen the nation’s digital financial ecosystem.
- The move positions the UAE among global leaders like the UK and Singapore in advancing AI- and data-driven finance.
Key Facts
- McKinsey estimates Nebras could add AED 90 billion to GDP by 2030 and help reach 20% of non-oil GDP from digital economy growth.
- The system uses AI, blockchain, and real-time data to enable faster payments, secure digital IDs, and easier access to credit for SMEs.
Background
The UAE took a major step in digital finance by launching the Nebras framework, which lets the Central Bank officially license Open Finance providers. This move makes the UAE a global leader, alongside the UK and Singapore, in building advanced, data-driven financial systems.
McKinsey says the Open Finance system could raise the UAE’s GDP by up to AED 90 billion by 2030 and help the country reach its goal of earning 20 percent of non-oil GDP from the digital economy. While other countries were taking their time to implement open banking, the UAE came up with a futuristic Nebras framework to achieve rapid and secure financial development.
Nebras allows banks and fintech firms to employ AI, blockchain, and real-time data for customer services. It will create safer and faster payments, personalized financial products, and easier access to credit. The system lets users make cross-border payments and verify digital IDs, making transactions safer and more reliable.
Small and medium businesses (SMEs) will benefit the most because lenders can use real-time financial data to approve loans faster. Merchants will pay lower transaction fees and receive instant payments, improving their cash flow.
Open Finance gives consumers lower loan costs, faster money transfers, and smarter tools to manage their money.
With Nebras, the UAE wants to lead the global shift to digital and open finance. The framework supports the country’s “We the UAE 2031” vision to build a strong, inclusive, and tech-driven economy.
