CBUAE Completes Project Aperta for Open Finance
The Central Bank of the UAE (CBUAE) has completed Project Aperta, a major international initiative designed to improve cross-border open finance and strengthen global financial connectivity. The project establishes a trusted interoperability framework that allows open finance networks in different jurisdictions to exchange data securely and efficiently.
The initiative was led by the Bank for International Settlements (BIS) and developed in collaboration with the Hong Kong Monetary Authority, the Central Bank of Brazil, the UK’s Financial Conduct Authority, and several international organizations. As a result, participating institutions demonstrated how domestic financial systems can connect without changing existing national regulations.
Enhancing Cross-Border Data Exchange
Project Aperta introduced a neutral interoperability layer that links open finance networks across multiple economies. Consequently, businesses and financial institutions can exchange verified financial information while maintaining compliance with local rules and security requirements.
The project tested cross-border data portability as one of its primary use cases. Therefore, businesses can potentially onboard customers faster and reduce manual verification procedures through secure sharing of verified information.
In addition, the initiative demonstrated that trusted data exchange can occur across borders without compromising regulatory oversight. This capability could significantly reduce duplication, compliance burdens, and operational delays.
Supporting International Trade and SMEs
A second use case focused on trade finance lifecycle management. Moreover, the project showed how structured digital data can streamline processes from contract issuance through settlement.
Small and medium-sized enterprises stand to benefit substantially from these improvements. Currently, many SMEs face lengthy onboarding procedures and repeated document verification when accessing trade finance products. However, Project Aperta demonstrated a framework that could simplify those processes and accelerate international trade activities.
The project also highlighted opportunities to improve access to financial services, including letters of credit, trade credit insurance, and supply chain financing. Consequently, businesses may gain faster access to global markets and financial products.
Building the Future of Open Finance
CBUAE views Project Aperta as an important step toward creating a more connected and trusted global financial ecosystem. Furthermore, the initiative supports the UAE’s broader ambition to strengthen financial innovation and digital transformation across the sector.
Khaled Mohamed Balama, Governor of the CBUAE, said: “Project Aperta reflects our vision to position ourselves among the world’s leading central banks in promoting monetary and financial stability and supporting the UAE’s competitiveness by advancing a more connected, efficient, and trusted global financial ecosystem.”
He added: “By enabling the secure and seamless exchange of data, the project contributes to the development of next-generation financial services and empowers businesses and financial institutions to access global markets more efficiently.”
Importantly, all architectural frameworks, trust models, data standards, and reference code developed through Project Aperta have been released as open public resources. Therefore, other jurisdictions can adopt and build upon the project’s foundations to advance global financial interoperability.
