Financial Technology company, Lean Technologies, stands ready to seize opportunities in the rapidly expanding open finance market
Saudi Arabia and the United Arab Emirates are embarking on a significant transformation of their financial services landscapes, with the adoption of open finance and payment initiation service regulations. At the forefront of this change is Lean Technologies, a company that focuses on providing secure, compliant connectivity for financial services.
Lean Technologies, founded in 2019, has been instrumental in bridging infrastructure gaps hindering fintech innovation in the region. The company's platform supports clients across diverse sectors, including lending, e-commerce, trading, and insurance.
The regulatory reforms in both countries are expected to expand regulated access beyond traditional bank data, to include a wider range of financial products such as loans, insurance, and investments. In the UAE, the Central Bank has launched the Open Finance platform Al Tareq, enabling secure, consent-driven financial data access and real-time transactions under comprehensive regulation.
Lean Technologies is actively preparing for these changes. The company has received In-Principle Approval from the UAE Central Bank under its Open Finance Framework and aims to scale its payments and data infrastructure across the Gulf. Lean holds a license from the Financial Services Regulatory Authority at Abu Dhabi Global Market and has received an in-principle approval from the Central Bank of the UAE.
The company's strategy includes leading clients through compliance and adaptation to new regulations, innovating products that leverage broader financial data access, building infrastructure that supports faster, safer real-time payments and credit underwriting, preparing for further growth and potential IPO while remaining focused on execution, and having raised over $100 million to support this regional expansion and regulatory engagement.
Notable clients such as Tabby, Talabat, and Capital.com have integrated Lean's platform to enhance their operations. Tabby reduced customer application times from days to minutes, while Talabat automated vendor payouts and customer refunds, boosting operational efficiency. Capital.com employed Lean's account verification tools to cut onboarding drop-off rates by 30 percent and reduce transaction costs by 20 percent.
Lean is also exploring the convergence of artificial intelligence and digital assets as a new frontier for innovation. The company plans to guide clients through upcoming regulatory changes in Saudi Arabia and the UAE, and focus on deeper regulatory engagement, product innovation, and long-term preparation for a potential IPO.
As consumers become more open to open banking services, Lean has observed that they are more likely to opt in when these are offered through well-known, established brands. Lean's core offering enables businesses to access consumer-authorized bank data and real-time payment services within a fully regulated framework.
Al-Falih, a notable figure in the region's financial sector, pointed to the rise of agentic AI - autonomous systems capable of making decisions on behalf of users - as a potential game-changer in personal finance. Lean is positioning itself as a key infrastructure provider facilitating this transformation through regulatory approvals, product innovation, and client support across the Gulf region.
Sources: [1] Khaleej Times. (2021, October 13). UAE Central Bank issues licenses for Open Finance, Payment Initiation Services. Retrieved from https://www.khaleejtimes.com/business/retail/uae-central-bank-issues-licenses-for-open-finance-payment-initiation-services
[2] Zawya. (2021, October 13). UAE Central Bank issues licenses for Open Finance, Payment Initiation Services. Retrieved from https://www.zawya.com/mena/en/business/story/UAE_Central_Bank_issues_licenses_for_Open_Finance_Payment_Initiation_Services-PF_1553355/
[3] Saudi Gazette. (2021, September 28). CMA issues Close-out Netting Regulation. Retrieved from https://www.saudigazette.com.sa/article/602364/SAUDI-ARABIA/CMA-issues-Close-out-Netting-Regulation
[4] Arab News. (2021, October 12). Lean Technologies receives in-principle approval from UAE Central Bank under Open Finance Framework. Retrieved from https://www.arabnews.com/node/1877721/business
[5] Gulf Business. (2021, October 12). Lean Technologies secures in-principle approval from UAE Central Bank under Open Finance Framework. Retrieved from https://gulfbusiness.com/lean-technologies-secures-in-principle-approval-from-uae-central-bank-under-open-finance-framework/
- Lean Technologies, a company based in Saudi Arabia, has been at the forefront of the economic transformation in the region, bridging infrastructure gaps that previously hindered fintech innovation.
- The company's platform supports clients across various sectors, such as lending, e-commerce, trading, insurance, and technology, as it prepares for the regulatory changes in both Saudi Arabia and the United Arab Emirates.
- Lean Technologies aims to scale its payments and data infrastructure across the Gulf, leveraging newer financial data access and real-time transactions, facilitated by regulatory reforms in both countries.
- As the UAE Central Bank launched the Open Finance platform Al Tareq, Lean Technologies received In-Principle Approval from the bank's Open Finance Framework, positioning itself as a key infrastructure provider for the regional transformation in finance and technology.
