The Central Bank of the UAE (CBUAE) has announced its participation in a major initiative called ‘Project Aperta.’
The project will link open finance infrastructures across various jurisdictions, enhancing cross-border financial operations for businesses and financial institutions in the UAE.
Project Aperta will initially focus on trade finance for small and medium-sized enterprises (SMEs), the bank has revealed. This initiative aims to streamline the transfer of trade finance data related to shipping, thereby reducing costs and speeding up international trade. Additionally, the prototype will facilitate the cross-border portability of consumer accounts and business data, allowing for quicker account setup with foreign banks.
The institutions participating in the project include the Bank for International Settlements Innovation Hub Hong Kong Centre, Banco Central do Brasil, the Financial Conduct Authority of the UK, the Hong Kong Monetary Authority, the Global Legal Entity Identifier Foundation, the International Chamber of Commerce Digital Standards Initiative, and the Hong Kong University Standard Chartered Foundation FinTech Academy.
Khaled Mohamed Balama, Governor of the CBUAE, said, “We are pleased to collaborate with the Bank for International Settlement Innovation Hub Hong Kong Centre on Project Aperta, which will enhance our vision of stimulating innovation within financial services for businesses and consumers. It will potentially enable us to build a trusted and secure network for businesses and financial institutions to accelerate international trade.”
Project Aperta seeks to reduce the challenges faced by businesses in trade finance when accessing financial products like letters of credit, trade credit insurance, and supply chain financing from financial institutions.
