AlTareq (Open Finance)

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AlTareq Open Finance

The future of finance is connected

AlTareq, the UAE’s open finance initiative, is now live and enabled for your HSBC account, so you can manage your finances on your terms in a new era of connected financial services. AlTareq gives you the power to safely and securely share your HSBC financial data with licensed banks, insurers, regulated businesses, and other financial institutions of your choice, giving you frictionless access to a world of choices, services, and insights.

AlTareq and HSBC offer you innovative ways to access and utilise financial services in the UAE:

Make payments, and much more, faster than ever
Get tailored offers and compare them easily
Enjoy real-time, secure connections with third-party providers for more streamlined and personalised services
Track and monitor all AlTareq linked financial services and transactions, including your HSBC history, at your convenience

Next generation experiences

A financial ecosystem, without friction.

Real-time visibility

Track and monitor your financial services and transactions in real time.
Many providers, more access

Get tailored offers, smarter advice and more personalised services, on your terms.
You're in control, always

Decide who gets access to your financial data only with your explicit consent.
Secure by design

Regulated by the Central Bank of the UAE, your data and financial services are protected with world-class encryption.

Things to know

You need to have the HSBC UAE app to use AlTareq
Transfers are limited to up to ⃃10,000 per transaction, up to a maximum of ⃃10,000 per day
Domestic transfers and payments only

Frequently asked questions

Open Finance is known as AlTareq in the UAE. You will see this name and logo when using Open Finance services provided by banks or insurers, exchange houses or brokers, and Third-Party Providers. Examples include:

An insurance comparison website
An e-wallet and payments app
A financial aggregation and insights app
A foreign exchange comparison and money sending service

You can access Open Finance services through regulated Third-Party Provider apps or platforms if you give consent for data sharing/service initiation to a specific provider.

No. Open Finance is completely voluntary. You actively give consent before any data is shared or services are provided. You can manage or cancel your consent at any time through:

Your Licensed Financial Institution’s platform
Your Third-Party Provider’s platform
AlTareq Consent Mobile App

Open Finance enhances how you access and leverage financial services through:

Secure data sharing: track your spending, get insights, and use financial tools tailored to you
Streamlined service initiation: make any type of payment, open new accounts, execute contracts, and complete transactions - all in a faster, more streamlined way that’s even possible to be embedded within a non-financial service
Product and service quote generation: compare insurance, banking, and exchange offers quickly and easily and select the best fit for you

Open Finance uses multiple layers of protection to ensure security:

Strict oversight: all providers are regulated and closely monitored by the CBUAE to ensure they meet the highest standards of security and reliability
Your control, always: you decide who gets access to your data/ services and for how long and you can pause or revoke your consent at any time
Strong identity protection: multi-factor authentication offers security every time you give consent or initiate services
Private by design: end-to-end encryption ensures your data is protected whenever using AlTareq-based services

Consent will be initiated through your Third-Party Provider’s app and consent authorisation will be confirmed either through your Licensed Financial Institution’s app or the AlTareq Consent Mobile App.

You can view, pause, or cancel your consent at any time through any of the above mentioned platforms.

You have control over your personal data. You decide who sees your data, what they see and when they can see it.

You can stop access at any time and when you do, the Third-Party Providers are obliged to delete your data which is not required to be retained by law or regulation.

If suspicious activity is detected, the Licensed Financial Institution may trigger security protocols, such as requiring additional authentication, temporarily blocking transactions or notifying the user for manual verification. If fraudulent activity is confirmed, the concerned Licensed Financial Institution or Third-Party Provider must take corrective action.

See our AlTareq Open Finance FAQs

One ecosystem, infinite potential

Experience new ways to access financial services (through licensed third-party providers) with AlTareq, the UAE's open finance initiative.

Additional information

This information has been provided by the Central Bank of the UAE.

AlTareq (Open Finance)

The future of finance is connected

Next generation experiences

Things to know

Frequently asked questions

What is Open Finance called in the UAE?

How do I start using Open Finance services?

Am I automatically enrolled in Open Finance?

How does Open Finance benefit me?

What security features are in place?

How do I give consent?

Who controls my personal data?

What happens if suspicious activity is detected in my account?

One ecosystem, infinite potential

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