Yes, Lean is regulated in the jurisdictions in which we operate. This is subject however, to the existence of a relevant regulatory framework in the country in question. Open Banking is still a relatively new and developing concept in the Middle East, and not every country has clearly defined rules.
In the UAE, Lean is authorized and regulated by the Financial Services Regulatory Authority (FSRA) to operate in and from the Abu Dhabi Global Market (ADGM) to provide Third Party Services. Under the FSRA's regulatory framework, we are referred to as a Third Party Provider (TPP) permitted to aggregate data (commonly referred to elsewhere as providing account information services (i.e. AISP) and to initiate payments (i.e. PISP). The terms AISP and PISP are not separately defined by the FSRA, but such terms would fall within the TPP umbrella term for which we are regulated.
In Saudi Arabia, Lean is regulated as a Permitted Fintech in the Saudi Central Bank’s Regulatory Sandbox as the first Technical Service Provider. Similarly to the ADGM’s regulatory framework, this authorization permits us to aggregate data and to initiate payments on behalf of our Clients. We are proud to be one of the first licensed open banking participants in Saudi Arabia.
At the moment we are exploring what other regulatory approvals may be required from the Central Bank of Egypt.