Launch of UAE’s First Customer-Initiated Open Finance Payment Experience
In a significant advancement for the financial sector in the MENA region, Lean Technologies, recognized as a leading provider of financial infrastructure, has joined forces with Ziina, a prominent consumer and business payments platform based in the UAE. Together, they have introduced the nation’s pioneering customer-initiated payment experience under the Open Finance framework established by the Central Bank of the UAE (CBUAE).
A Historic Milestone in Payment Processing
With this latest initiative, Ziina has distinguished itself as the first licensed financial institution in the UAE to successfully execute live Open Finance payments that customers initiate. Users of the Ziina app can now perform instant bank payments directly from their accounts through regulated Open Finance APIs. This development not only enhances speed and security but also allows users to conduct transactions seamlessly without the need for manual processes or switching between platforms.
The Role of Lean Technologies
Lean Technologies serves as the backbone for this innovative payment experience, offering the necessary infrastructure that ensures secure connectivity, compliant payment initiation, and the resilience required for enterprise-grade operations. By focusing on the customer experience, Ziina has crafted a payment flow that aligns with user expectations for speed and reliability in the UAE’s fast-evolving financial landscape.
Transitioning to Real-World Applications
This launch signifies a pivotal shift for Open Finance in the UAE, moving from just a theoretical concept to tangible real-world applications. It showcases how regulated API connectivity can facilitate reliable payment processes that meet industry standards. The UAE’s Open Finance Regulation, along with Nebras—the national Open Finance platform and Al Tareq, the Central Bank’s API framework—provides a solid foundation for secure connectivity. This regulatory architecture enables licensed API providers to deliver safe and consent-based services, spurring innovation, competition, and a wider range of choices for consumers.
Insights from Industry Leaders
Faisal Toukan, Co-founder and CEO of Ziina, shared his enthusiasm regarding this milestone: “The introduction of the UAE’s first customer-initiated Open Finance payment represents a crucial development for the country’s financial ecosystem. Regulated, API-driven payments are beginning to transform expectations related to speed, transparency, and trust. By empowering customers to make bank payments directly within the Ziina app, we illustrate how progressive policy can positively influence daily financial interactions. Collaborating with Lean Technologies to bring this vision to life has been a proud moment for us.”
Hisham Al-Falih, CEO of Lean Technologies, echoed this sentiment, noting the importance of this launch: “Witnessing Open Finance payments operational in the UAE is a landmark event for the market. This achievement exemplifies the Central Bank’s vision for a modern and secure financial architecture and highlights the possibilities that arise when robust connectivity merges with thoughtful product execution. Our partnership with Ziina has been exceptional, and we take pride in facilitating the country’s first live Open Finance payment experience.”
Building a Foundation for Future Innovation
Lean Technologies has laid a critical groundwork for Open Finance across the UAE, collaborating with regulators, banks, and fintech companies to establish secure, scalable payment and data connectivity. This commitment aligns with the Central Bank’s Financial Infrastructure Transformation program, ensuring that its platform is robust enough to support national-scale adoption and tested in real-world scenarios.
Ziina’s achievement furthermore underscores its extensive contribution to the UAE’s financial landscape. The company has developed a comprehensive payments platform that caters to both consumers and small to medium enterprises (SMEs). By integrating features such as account transfers, card processing, invoicing, and everyday payment solutions into a singular interface, Ziina is reshaping user experiences. With the introduction of the first customer-initiated Open Finance payments, the company is extending its foundational services and showcasing how regulated connectivity can simplify and enhance financial interactions in an increasingly digital economy.
