ABU DHABI: The Central Bank of the UAE (CBUAE) has announced a new initiative called “Project Aperta” aimed at boosting the cross-border interoperability of open finance between multiple jurisdictions. This project is designed to facilitate easier and more efficient access to financial services for businesses engaged in international trade.
According to Emirates News Agency, the CBUAE is collaborating with several key global financial entities including the Bank for International Settlements Innovation Hub Hong Kong Centre, Banco Central do Brasil, the Financial Conduct Authority of the United Kingdom, the Hong Kong Monetary Authority, the Global Legal Entity Identifier Foundation, the International Chamber of Commerce Digital Standards Initiative, and the Hong Kong University Standard Chartered Foundation FinTech Academy. These partnerships are geared towards creating a trusted network that will connect the open finance infrastructures of various jurisdictions.
Project Aperta is set to be a prototype for a
reliable network linking open finance infrastructures across different regions. This initiative is expected to significantly reduce the barriers that businesses, especially those involved in trade finance, encounter when seeking financial products like letters of credit, trade credit insurance, and supply chain financing. These products are essential for facilitating international trade.
The first application of Project Aperta will focus on trade finance for small and medium-sized enterprises (SMEs). It aims to enable faster transfer of trade finance-related data, such as shipping information, which could help lower costs and speed up the process of international trade. Additionally, the project will facilitate the cross-border portability of a consumer’s account and business data, making it quicker and easier for banks abroad to open new accounts.
Khaled Mohamed Balama, Governor of the CBUAE, expressed enthusiasm about the project, stating, “We are pleased to collaborate with the Bank for International Set
tlement Innovation Hub Hong Kong Centre on Project Aperta, which will enhance our vision of stimulating innovation within financial services for businesses and consumers. It will potentially enable us to build a trusted and secure network for businesses and financial institutions to accelerate international trade.”
He further elaborated on the benefits of the project, noting that “A consolidated, trusted connection between multiple jurisdictions through a digital network that facilitates cross-border sharing of data with customer consent can expand access to financial products, promote sustainable economic growth, and maintain financial stability. We will continue our efforts to develop the financial services sector in the UAE and support its competitiveness globally.”