- The breakthrough prototype enables secure, real-time cross-border financial data exchange, strengthening global connectivity and facilitating more efficient access to international markets.
Abu Dhabi: The Central Bank of the UAE (CBUAE) announces the successful completion of Project Aperta, an international initiative led by the Bank for International Settlements (BIS) to enable secure and interoperable cross‑border open finance. The project establishes a trusted interoperability network that links the open finance networks of multiple jurisdictions, supporting the UAE’s efforts to strengthen global financial connectivity and facilitate cross-border financial services.
Developed in collaboration with the BIS Innovation Hub Hong Kong Centre, the Hong Kong Monetary Authority, the Central Bank of Brazil, and the Financial Conduct Authority of the United Kingdom, together with the participation of the Global Legal Entity Identifier Foundation, the International Chamber of Commerce Digital Standards Initiative, and the Hong Kong University Standard Chartered Foundation FinTech Academy, the project demonstrated how domestic open finance networks can be connected through a neutral interoperability layer without altering national frameworks. It also tested two practical use cases across five economies, demonstrating:
- Cross‑border data portability, enabling faster onboarding and reduced manual checks through secure sharing of verified business information.
- Trade finance lifecycle management, showing how structured digital data can streamline processes from contract issuance to final settlement.
These tests confirmed that cross‑border data exchange can be achieved securely while preserving domestic rules, security requirements, and supervisory oversight. The project also highlighted the potential to reduce duplication, compliance costs, and onboarding times for SMEs engaged in international trade.
H.E. Khaled Mohamed Balama, Governor of the CBUAE, said: “Project Aperta reflects our vision to position ourselves among the world’s leading central banks in promoting monetary and financial stability and supporting the UAE’s competitiveness by advancing a more connected, efficient, and trusted global financial ecosystem. By enabling the secure and seamless exchange of data, the project contributes to the development of next-generation financial services and empowers businesses and financial institutions to access global markets more efficiently.”
All architectural blueprints, translation protocols, trust framework designs, reference code, and data models developed under Project Aperta have been released as open, reusable public goods, enabling other jurisdictions to adopt and build upon the work.
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