Ziina has become the first licensed financial institution in the UAE to execute live, customer-initiated Open Finance payments through a partnership with Lean Technologies. Operating under the Central Bank of the UAE’s (CBUAE) new framework, the collaboration allows users to make instant, account-to-account bank transfers directly within the Ziina app. This launch marks the transition of Open Finance in the region from a technical concept to a production-grade reality for thousands of consumers and businesses.
Technical Foundation and Regulatory Compliance
Lean Technologies provides the regulated Open Finance infrastructure that powers this new experience, ensuring enterprise-grade resilience and secure API connectivity. This infrastructure is fully compliant with Al Tareq, the Central Bank’s official API framework, and connects seamlessly to Nebras, the national Open Finance platform. These regulated rails allow for secure, consent-based data sharing and payment initiation that protect consumer privacy while fostering innovation.
Ziina’s role as the customer-facing entity was made possible by its Stored Value Facility (SVF) authorization, a license it secured as the first venture-backed startup in the country. This regulatory standing allows Ziina to manage digital wallets and facilitate sophisticated financial interactions that were previously limited to traditional banking institutions. By designing a native payment flow, Ziina has ensured that the complex underlying technology remains invisible to the end user.
Strategic Vision for Open Finance
Faisal Toukan, Co-founder and CEO of Ziina, noted that executing the country’s first live Open Finance payment is a transformative step for the entire financial ecosystem. He emphasized that regulated, API-driven payments are beginning to fundamentally shift consumer expectations regarding trust and predictability. This move aligns with Ziina’s broader mission to provide financial freedom and advanced operational tools to the UAE’s burgeoning SME sector.
Hisham Al-Falih, CEO of Lean Technologies, highlighted the importance of the Central Bank’s vision in enabling such modern infrastructure. He remarked that the live deployment demonstrates what is possible when strong technical connectivity meets thoughtful product design. Since its founding in 2019, Lean has connected millions of accounts and processed billions in transaction volume across the MENA region.
Impact on the UAE’s Digital Economy
The introduction of account-to-account payments offers a more cost-effective alternative to traditional card networks, which often carry higher fees for merchants. Small and medium-sized enterprises (SMEs), which contribute over 60% of the UAE’s non-oil GDP, stand to benefit most from these reduced operational costs. The instant settlement nature of Open Finance also addresses chronic cash flow challenges that frequently plague local businesses.
Furthermore, this milestone supports the UAE’s ambitious Digital Economy Strategy, which seeks to double the digital sector's contribution to the national GDP within the next decade. As consumers increasingly shift toward a cashless society, the demand for integrated and secure financial services continues to soar. Ziina and Lean’s collaboration serves as a blueprint for how fintechs and regulators can work together to modernize the financial landscape.
The successful execution of live Open Finance payments by Ziina and Lean Technologies signals a new era of connectivity and competition in the UAE. By empowering users with greater control over their financial data and transaction methods, the initiative reinforces the UAE's position as a global leader in digital finance. As more institutions adopt these regulated APIs, the financial experience for both consumers and businesses is expected to become increasingly seamless and inclusive.