Open Finance: Strategic Insights for Mid-Size Brokers in the UAE

R Philip • November 13, 2025

Key Points


  • Research suggests Open Finance in the UAE is advancing, with regulations including open insurance, impacting the sector significantly.
  • It seems likely that insurance will participate by sharing data via APIs, enhancing innovation and customer services.
  • The evidence leans toward new ventures, customers, brokers, and insurers facing both opportunities and challenges, like data security and competition.


Where to Start and Continue


For a mid-sized broker with say AED 40 million+ in revenue and growing fast, the smartest place to start is by understanding the UAE's Open Finance regulations and assessing your current technology. Focus on integrating with the centralized API hub to comply and access shared data. Continue by forming strategic partnerships with tech providers to leverage Open Finance for innovative services, improving customer experiences and staying competitive.


Tech Partners Ahead of the Curve


Look at Perfios for Open Finance solutions tailored for insurers, and Ozone API and Raidiam for their experience in global Open Finance implementations, including in the UAE. Local insurtechs like Click2Secure Me, Democrance, and Sehteq also offer innovative solutions that could be beneficial.


Insurers' Readiness to Collaborate


It seems likely that insurers are preparing to collaborate, as the Open Finance Regulation mandates participation, and the Financial Infrastructure Transformation Programme is 85% complete. While readiness may vary, many are likely integrating with the centralized platform, though some might still be catching up.


Introduction


Open Finance, encompassing both open banking and open insurance, is reshaping the financial services landscape in the UAE. As of June 19, 2025, the Central Bank of the UAE (CBUAE) has implemented a comprehensive Open Finance Framework, part of the Financial Infrastructure Transformation Programme (FIT), which is 85% complete. This note provides detailed insights for a mid-sized insurance broker, drawing on experience from advanced markets like the UK, US, and EU to navigate this transformative landscape.


Regulatory and Market Context


The Open Finance Regulation, issued on June 27, 2024, establishes a framework for cross-sectoral data sharing and transaction initiation, including insurance.


It mandates that all CBUAE licensees, including insurance companies and brokers, provide API access to accredited third parties, with phased implementation starting with banks and insurers by June 2024, aiming for majority customer access by 2025 and full integration by 2026.


Al Etihad Payments, in partnership with Core42, Ozone API, and Raidiam, operates the centralized API hub, Nebras Open Finance, approved in December 2024, to facilitate secure data sharing .


Strategic Starting Point for Mid-Sized Brokers


Given a "mid-size" revenue, the smartest place to start is by understanding the specific requirements of the Open Finance Regulation and assessing your current technological capabilities. This involves evaluating your systems for API integration, data management, and compliance readiness.


Focus on integrating with the centralized API hub to ensure compliance and access shared data, which can enhance risk assessment and customer offerings. Continue by developing a strategic plan that includes forming partnerships with technology providers or fintechs to leverage Open Finance for innovative services, such as personalized insurance products or embedded finance solutions.


Drawing from the UK, where brokers have adapted to Open Banking by enhancing digital capabilities, prioritize client education to build trust and adoption .


Technology Partners and Platforms Ahead of the Curve


Several tech partners and platforms are leading in the UAE's Open Finance space, particularly for insurance:


  • Perfios: Offers Open Finance solutions specifically for insurers, including tools for personalizing premiums, better risk assessment, and reducing fraud. They are empanelled by the CBUAE as an official system integrator, ensuring compliance.


  • Ozone API and Raidiam: Both provide technology for Open Finance implementations, with global experience. Ozone API offers a standards-compliant open API platform, while Raidiam provides API access management for secure data sharing, having supported Open Finance in Brazil.


  • Local Insurtechs: Companies like Click2Secure Me, Democrance, and Sehteq are disrupting the insurance industry with digital transformation, digital sales platforms, and technology-driven health insurance, respectively, offering potential for innovative partnerships .


Insurers' Readiness to Collaborate


The Open Finance Regulation mandates that insurance companies (national and foreign branches) provide API access by June 2024, with the FIT Programme at 85% completion as of January 2025, indicating significant progress . While specific readiness varies, the centralized platform, Nebras Open Finance, suggests insurers are integrating, as evidenced by the phased rollout.


However, drawing from EU experiences, some insurers may lag due to legacy systems, and collaboration might still be in early stages, with potential for increased activity as deadlines approach. For brokers, engaging with insurers to understand their timelines and capabilities is crucial.


Investment Requirements


The investment for a mid-sized broker to comply with Open Finance includes technology upgrades, data security, partnerships, staff training, and client education.


Based on general API integration costs, initial investment is estimated at hundreds of thousands of Dirhams with ongoing annual costs, considering maintenance and updates. Using SaaS solutions like FINX Comply, which offers cost-friendly compliance, can mitigate expenses .


In the UK, banks spent significant amounts on Open Banking compliance, but for brokers, costs are proportionally lower, especially with centralized infrastructure reducing development needs. Actual costs depend on current systems and chosen partners, so consulting with tech providers is recommended.


Comparative Analysis with Advanced Markets


Drawing from the UK, US, and EU, Open Finance has driven innovation but required substantial investment. In the UK, brokers have adapted by enhancing digital capabilities, while in the EU, the Financial Data Access (FIDA) framework highlights operational efficiencies and customer experience improvements, though with challenges like data sensitivity. These lessons suggest that while costs are significant, strategic partnerships and SaaS solutions can optimize investment for UAE brokers.


Actionable Recommendations


  • Assess Current Capabilities: Evaluate technology and data management for Open Finance compliance, investing in API integration and data security.
  • Develop Partnerships: Collaborate with Perfios, Ozone API, Raidiam, or local insurtechs to enhance digital offerings, exploring embedded insurance or data analytics.
  • Enhance Data Security: Ensure compliance with UAE data protection regulations, implementing robust cybersecurity measures.
  • Educate Clients: Inform clients about Open Finance benefits, such as personalized products, and provide transparency on data usage.
  • Stay Informed: Monitor regulatory developments and participate in industry forums to stay ahead.
  • Explore New Business Models: Consider embedded insurance, partnerships with non-traditional players, and new revenue streams like data analytics.


Conclusion


Open Finance in the UAE offers significant opportunities for mid-sized insurance brokers to innovate and enhance customer services, but requires strategic investment and collaboration. By leveraging technology partners and learning from advanced markets, brokers can navigate this landscape, delivering value to clients and maintaining competitive edge.


Key Citations




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