TeamHeroes supported the winning bid and early-stage implementation for the Central Bank of the UAE’s Open Finance initiative, which is part of the country’s broader Financial Infrastructure Transformation (FIT) Program. This project is a model of how national architecture, sovereign cloud, and public–private alignment can translate policy into execution.
A National Framework for Consent-Based Finance
Open Finance in the UAE is not just an open banking extension. It is a fully sovereign, consent-driven financial data framework.
The program enables licensed institutions to share user-consented data with third-party providers, including fintechs, remittance firms, and insurance platforms.
What We Contributed
As the commercial lead for Core42, Erwin van Helden served as overall owner of the Open Finance bid, leading the prime contracting party and being fully accountable for the team structure, subcontractor selection, pricing strategy, and delivery design.
This also involved defining participation pathways for third parties and aligning the project’s technical architecture with the Central Bank’s evolving roadmap.
Phased Rollout, Sovereign Execution
The first phase of the initiative includes:
The framework enables “deemed licensees” to apply for participation. This expands the market beyond traditional banks while ensuring a controlled and secure approach to ecosystem growth.
Signing of Partnership Agreement with Al Etihad Payments and Core42, representing the national Open Finance initiative.
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