The Central Bank of the United Arab Emirates (CBUAE) has launched its “Zero Bureaucracy” initiative in the financial sector, aligning with the vision and objectives of the UAE Government’s wider programme “Zero Government Bureaucracy”.

The initiative aims to take a significant step in government procedures, simplifying people’s lives and reducing unnecessary burdens on businesses and individuals in terms of time, effort, and resources.

The CBUAE, in cooperation with the Prime Minister’s Office, organised a workshop to discuss the mechanisms for implementing the Zero Government Bureaucracy programme. The programme aims to eliminate at least 2,000 government procedures, minimise procedure times by at least 50 per cent, and remove all unnecessary processes and requirements.

During the workshop, participants discussed several initiatives and plans aimed at eliminating bureaucracy by simplifying and reducing procedures, expediting service delivery, and innovating new patterns of government procedures. The objective of these initiatives and procedures is to enhance operational efficiency and improve the quality of services provided to customers and partners in the financial sector.

Additionally, the CBUAE Youth Council and Happiness Committee are actively facilitating dialogue between the CBUAE’s employees and various departments in order to share their viable ideas and proposals with the internal committee overseeing the Zero Government Bureaucracy programme, in line with the vision and organisational values of the CBUAE.

The CBUAE also issued a notice to all licensed financial institutions encouraging their participation in the programme by taking and discussing steps in a workshop that will be organised by the CBUAE, with the objective of simplifying and expediting procedures related to services provided to customers and business sector in the financial industry.

Khaled Mohmmed Balama, Governor of the CBUAE, said, “The Zero Government Bureaucracy programme captures our leadership’s vision of developing an integrated, innovative, and forward-looking government ecosystem. Eliminating bureaucracy within the CBUAE is a continuous process aimed at fostering development and success in the financial sector. This initiative will drive a positive impact for consumers, customers, and businesses alike, and support the achievement of the “We the UAE 2031” vision which aims to make the UAE government a forward ecosystem globally.”

Last week, the Central Bank of the UAE (CBUAE) has issued the Open Finance Regulation to ensure the soundness and efficiency of open finance services, encourage innovation, enhance competitiveness, achieve consumers’ interests and reinforce the UAE’s status as a leading financial technology hub.

According to the regulation, which is part of the CBUAE’s Financial Infrastructure Transformation programme, the participation in the open finance framework is mandatory, by all financial institutions, which are subject to the supervision of the CBUAE, with respect to the products and services within their scope.

The licensed financial institutions (LFIs) as data holders and service owners are required to provide participants in the Open Finance Framework with access to customer data and the ability to initiate transactions on accounts and products, in all cases subject to the express consent of users to provide services in line with their needs.

The Open Finance Framework facilitates LFIs to access and utilise consumer’s financial data to create personalised experiences and tailor offerings to consumers’ needs. Consumers can consolidate their financial information, through the enablement of seamless data sharing across platforms. The regulation consists of a Trust Framework, an Application Planning Interface (API) Hub and Common Infrastructural Services, which provide Open Finance access for the cross-sectoral sharing of data and the initiation of transactions, on behalf of users.

Separately, the Central Bank of the UAE has issued recently the Sandbox Conditions Regulation, which aims to attract start-ups and global fintech businesses and create an attractive environment for the financial sector that supports creativity and innovation within a regulatory and supervisory framework. It will also consolidate the financial sector’s competitiveness and support the UAE’s economic growth.

The Regulation outlines specific conditions that must be met by participants, including start-ups, fintech and established businesses that are looking to deliver innovative solutions and services within the financial services sector in a regulatory and supervisory framework.

WAM