Abu Dhabi, UAE – Pay10, a leading Alternative Payment Method (APM) provider headquartered in the UAE announces that it has become the first fintech company to go live in production on the Central Bank of the UAE’s (CBUAE) Open Finance Framework, authorizing it to provide payment initiation services including variable recurring payment.

This milestone marks the first live launch of regulated Open Finance infrastructure in the UAE - preceding activation by any financial institution or fintech. The Open Finance authorization is Pay10’s third regulatory license in the UAE, complementing its existing authorizations under the Retail Payment Services and Card Schemes (RPSCS) and Stored Value Facilities (SVF) frameworks.

The approval of Pay10’s production environment enables secure, real-time connectivity to bank accounts, laying the foundation for future innovation in data-driven financial services across the region. While Pay10 is now fully onboarded and operational, the broader impact of the Open Finance framework will be realized as licensed banking partners complete their integration into the ecosystem.

Prabhpreet Singh Gill, Chairman of Pay10 stated: “We are grateful to the Central Bank of the UAE for the trust placed in Pay10 following a rigorous and thorough regulatory process. Becoming the first fintech to go live in production on the Open Finance framework is both an honour and a responsibility. We recognize the importance of setting a standard - operationally, technically, and in governance - for those who follow. This milestone underscores the UAE’s leadership in building a secure, interoperable financial ecosystem anchored in regulatory clarity and innovation.”

Pay10’s achievement reflects sustained alignment with regulatory requirements across technical, compliance, and operational domains. The company acknowledges the critical role of the Central Bank of the UAE in enabling a responsible and secure rollout. This license opens new pathways for secure third-party access to financial data, with significant implications for embedded finance, digital identity, interoperability, and broader financial inclusion.

The Central Bank of the UAE issued the Open Finance Regulation in mid-2024, laying out a phased implementation strategy designed to enable secure access to customer-permissioned financial data through licensed third-party providers. The framework supports enhanced transparency, innovation, and interoperability within the financial sector, and is a key pillar of the UAE’s broader digital economy and financial inclusion strategy. Against this backdrop, Pay10’s platform now integrates all three core regulatory authorizations—RPSCS, SVF, and Open Finance - positioning the company to support a fully digital, interoperable financial services stack under the direct supervision of the Central Bank of the UAE. These licenses enable Pay10 to contribute meaningfully to the UAE’s national development agenda by expanding access to financial services for unbanked and underserved populations, promoting economic diversification, and advancing the country’s digital transformation goals.

About Pay10
Founded in 2017, Pay10 is a financial technology company headquartered in the United Arab Emirates and operates under the supervision of the Central Bank of the UAE and is licensed to provide services under the Open Finance, RPSCS, and SVF frameworks.

The company's Alternative Payment Method (APM) platform enables instant payments, merchant services, and real-time cross-border transactions. Designed to support national schemes and digital economies, the platform combines stored value, wallet-based transfers, and QR-driven payments into a single, seamless experience.

Under the leadership of Chairman Prabhpreet Singh Gill (Harry Gill), the company delivers a secure, seamless, and scalable payments ecosystem designed to empower individuals, merchants, and enterprises.

Operating in alignment with central bank mandates and national development agendas, Pay10 supports domestic payment schemes and advances financial inclusion across emerging and established markets. Its merchant-first approach offers lower transaction costs and instant settlements, helping businesses take control of their cash flow.

With innovation, trust, and compliance at its core, Pay10 is reshaping the future of money - one transaction at a time.

More information at pay10.ae