The financial technology sector in the UAE has reached a new milestone with the announcement from “Lynn Technologies” and “Zina” about the launch of the first customer-initiated banking payment service, aligning with the open finance initiative set forth by the Central Bank of the UAE.
This launch marks the first practical implementation of open finance payments initiated by users within the country. “Zina”, licensed as a stored value service provider, has become the first entity allowing its users to execute instant payments directly from their bank accounts through organized and secure application programming interfaces (APIs), eliminating the need for manual transfers or navigating between multiple channels.
The service promises users high speed and full transparency, alongside advanced security measures, built on an open finance framework that ensures direct connections to bank accounts with client approval. “Lynn Technologies” provides the regulated technical infrastructure needed to support this payment model, which includes secure connections, compliant payment executions, and scalability for enterprises. “Zina” has also focused on creating a user-friendly experience that reflects the growing trust in the financial sector’s digital infrastructure, allowing consumers to conduct their transactions smoothly and without delays.
This launch represents a practical transition from the technical readiness of open finance in the UAE to its real-world application, supported by the regulatory framework established by the Central Bank, including the national open finance platform “Nebras” and the “Tariq” API framework that promotes innovation and competition while granting clients greater freedom in selecting financial services with secure connections and direct consent.
In this context, Faisal Touqan, CEO and co-founder of “Zina,” stated: “The launch of the first open finance payment initiated by the customer is a significant step in the evolution of the UAE’s financial system, reflecting the impact of proactive regulatory policies on daily financial behaviors.”
Hisham Al-Falih, CEO of “Lynn Technologies,” described the service as a pivotal moment for the UAE’s fintech market, highlighting how it embodies the Central Bank’s vision of building a modern, secure financial infrastructure, showcasing the potential of combining robust connectivity with practical financial product implementation.
This launch illustrates how regulated connectivity and advanced technologies can be transformed into straightforward and effective solutions, keeping pace with the rapid digital transformation of the UAE economy while reshaping user expectations regarding speed, trust, transparency, and accessibility to financial services.