Spare Debuts International Open Finance Platform in UAE to Revolutionise Cross-Border Payments

Spare, the open banking infrastructure player that many fintech founders in the region have been quietly watching, has rolled out what it calls the first International Open Finance Payments solution in the UAE. In simple words, it is aiming to make cross-border transfers feel as easy as sending money locally, and, if it works as promised, that could be a bit of a game changer for startups trying to scale beyond their home markets.

The company has already completed its first cross-border pilot transaction with partner banks in the UAE. The test run allowed businesses and fintechs to move funds internationally through a single, compliant setup, rather than juggling multiple banks and systems. For founders who have ever struggled with international transfers, and I’ve seen a few nearly pull their hair out over delayed payments, that sounds close to spot on.

At the centre of this launch is Spare’s unified API platform. Instead of integrating separately with different banks for domestic and international payments, companies plug in once and gain access to financial data and payment initiation services across borders. That, in theory, cuts down operational faff and complexity, especially for startups scaling quickly across the GCC.

Dalal AlRayes, Co-founder and CEO of Spare, said that one of the biggest barriers to international expansion for regional businesses has been the difficulty in accessing reliable global payment rails. With the company’s AlTareq-based international payments solution, she noted, cross-border transfers can become as straightforward as a local transaction. It’s an ambitious claim, yes, but one that clearly taps into a very real pain point.

Regulation, of course, is the elephant in the room in any fintech conversation here. Spare has received In-Principle Approval from the Central Bank of the UAE to operate under the country’s Open Finance Regulatory Framework. The new solution aligns with that framework and uses the national AlTareq scheme to initiate payments. That regulatory backing is not just a box-ticking exercise; in this region, it’s often the differnce between scaling smoothly and hitting a brick wall.

The timing is notable. Cross-border payments across the Middle East and Africa are projected to hit $31 billion by 2030, yet companies here still face some of the highest transaction costs worldwide. On the flip side, open banking and open finance initiatives are maturing fast, especially in the UAE, Bahrain, and Saudi Arabia. The pieces are slowly coming together.

Spare itself is licensed by the Central Bank of Bahrain as both an Account Information Service Provider and a Payment Initiation Service Provider. It is also active in Saudi Arabia and Kuwait, positioning itself as a regional infrastructure layer rather than just a UAE-focused player.

From an Arageek perspective, and we’ve championed plenty of scrappy founders trying to go regional, I reckon this is the kind of plumbing the ecosystem desperately needs. Payments may not be the most glamorous part of a startup story, but without smooth money movement, growth plans can fall apart pretty quickly.

That said, execution will be everything. Making cross-border transfers “as simple as local” is a bold promise. If Spare can truly deliver seamless, real-time, compliant transactions at lower cost, many founders will be chuffed to bits. If not, well… the market will not be shy in saying so.

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