Spare Gains UAE Central Bank Nod, Boosting Open Finance Momentum in Gulf

Spare, an Open Finance infrastructure company that's made some noise already in the region, has now snagged in-principle approval from the Central Bank of the UAE. This gives them a solid footing to operate under the country's Open Finance regulatory framework—a sign that things are really heating up for fintech across the Gulf.

Now, I remember when we at Arageek were first sussing out the impact of these frameworks for startups around MENA. It was a bit of a faff to explain to people why something like Open Finance even matters outside big-bank circles, but with moves like this, it’s starting to feel rather more concrete. For those unfamiliar, Open Finance lets businesses and individuals access and share financial data via secure links, making things like payments, ID verification, and risk ratings a doddle (well… in theory, anyway).

Spare being among the first wave of companies inching toward full regulatory approval is definately a feather in their cap. Dalal AlRayes, who leads Spare as CEO and co-founder, has pointed out that the UAE is becoming a strategically key market for Open Finance, thanks not just to its clear regulatory ground rules but also the growing appetite for digital financial services. Frankly, I reckon getting a tech company’s foot in the door here is spot on if you want to be in the middle of all this fintech action.

What exactly does Spare do? To keep it simple, they give merchants and businesses a single API—basically, a tech bridge—that connects different accounts for things like recurring and future-dated payments, data access, even aggregating multiple accounts into a single view. Think: everything you wish your banking app could manage, only with a bit less headache. And perhaps most interesting, their solution covers everything from verifying identities to assessing risk, broadening the options for both established companies and hungry startups alike.

The company already holds a licence from the Central Bank of Bahrain and operates not just in Bahrain, but also Saudi Arabia, the UAE, and Kuwait. That means they’re not just talking the talk but actually walking the walk across the region. Their knack for expanding into markets with carefully set-out regulations hasn’t gone unnoticed either.

On the flip side, some folks remain a tad wary about just how secure and inclusive Open Finance will turn out to be. But seeing regulators taking a hands-on approach suggests the tide is changing for startups hoping to connect more dots between financial players. As always, Arageek’s drive is to shine a light on businesses that make things quicker, safer, or simply more practical for entrepreneurs here. And believe it or not, a win like this for Spare could help set the pace for how money moves and data flows in MENA—not just for big names, but for a new generation of ambitious founders carving out their own space.

All in all, the message is clear: with regulatory backing and real market expansion, Spare and others in the scene are pushing the boundaries of what’s possible, even if the paperwork sometimes makes you want to tear your hair out. Here’s hoping that momentum keeps building, opening doors for more homegrown innovation across the region.

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