Spare Launches First Seamless Open Banking-Powered Cross-Border Transactions In The GCC

Dubai, UAE – 22 Apr 2026 — Spare, a leading Open Banking infrastructure company, today announced the launch of the first International Open Finance Payments solution in the UAE, expanding its product suite to enable seamless, secure, and real-time cross-border financial transactions globally.

The new offering marks a significant milestone in the company’s evolution as a regional Open Banking leader. Spare successfully completed its first cross-border transaction with trusted banks in the UAE, now enabling businesses and fintechs to move funds internationally through a unified and compliant infrastructure

Through its unified API platform, Spare provides enterprises and fintechs with a single integration point to access financial data and initiate both domestic and international payments. This eliminates the need to manage multiple banking relationships and reduces operational complexity at scale.

Dalal AlRayes, Co-founder and CEO of Spare, said: "One of the top factors holding back the international growth of regional business leaders is difficulty accessing reliable international payment solutions. With the International Open Finance Payments solution, we have an answer to that. We're making cross-border transactions as simple as a local transfer".

Spare has received In-Principle Approval (IPA) from the Central Bank of the UAE (CBUAE) to operate under the country’s Open Finance Regulatory Framework. The International Open Finance Payments solution aligns with the framework and utilizes the national Altareq scheme for transfer. 

Cross-border payments in the Middle East and Africa are projected to reach $31 billion by 2030, yet businesses in the region continue to face some of the highest transaction costs globally.  Spare's suite of open banking solutions are designed to cut through the friction, offering a compliant, standardized, real-time alternative built for the region's financial landscape.

About Spare

Spare is a leading Open Finance infrastructure company that is redefining financial connectivity by enabling businesses to build, scale, and innovate faster. Through a single secure API, Spare provides seamless connectivity to financial institutions, giving enterprises and fintechs instant access to financial data and payment services. Spare is Licensed by the Central Bank of Bahrain as an Account Information Service Provider (AISP) and Payment Initiation Service Provider (PISP); have received In-Principle Approval (IPA) from the Central Bank of the UAE (CBUAE) to operate under the country’s Open Finance regulatory framework; and operates in KSA and Kuwait. https://tryspare.com/  

Media Contact: pr@tryspare.com