Rain becomes the first crypto exchange in the UAE to go live with Pay by Bank under the Open Finance framework, powered by Lean

Rain has become the first crypto exchange in the UAE to go live with Pay by Bank under the Open Finance framework, powered by Lean Technologies.

For the first time, a licensed crypto exchange is enabling customers to fund their wallets through Pay by Bank under the Open Finance framework. This milestone marks an important development for both the UAE’s virtual asset ecosystem and the broader rollout of Open Finance.

Rethinking the fiat on-ramp

The fiat on-ramp has historically been one of the most operationally complex parts of the crypto journey. Crypto exchanges have typically relied on card networks, manual bank transfers, or third-party payment processors. While functional, these methods introduce higher processing costs, delayed settlement, and avoidable transaction failures.

Open Finance introduces a better payment method. Through Pay by Bank, users can authorize a direct account-to-account transfer from their bank to their exchange wallet. The payment is authenticated within the banking application and confirmed in real time. This simplifies the funding flow and reduces cost and reliance on intermediary payment rails.

What this changes for crypto exchanges

Rain is the first crypto exchange in the UAE to implement this capability under the country’s Open Finance framework.

For Rain's users, it creates a completely frictionless experience when funding crypto wallets. Beyond improving the user experience, Pay by Bank improves wallet funding reliability and reduces the operational overhead associated with failed or delayed transactions.

A regulated intersection: Open Finance and virtual assets

The UAE is one of the few markets globally where both Open Finance and virtual assets are progressing under defined regulatory frameworks.

The Central Bank of UAE’s Open Finance framework enables licensed providers to initiate payments directly from customer bank accounts in a secure and standardized manner. At the same time, jurisdictions such as ADGM have established clear regulatory pathways for virtual asset service providers.

Rain’s launch represents the convergence of these two systems as it demonstrates how compliant Open Finance infrastructure can support regulated crypto platforms, strengthening the integrity and resilience of the broader ecosystem.

From framework to implementation

This integration marks one of the earliest live applications of Pay by Bank under the Open Finance framework within the UAE’s virtual assets sector.

As adoption expands, Pay by Bank is expected to become a foundational component of how funds move between banks and digital platforms across the region.

Rain’s launch signals a broader shift already underway: Open Finance moving from regulatory framework to an embedded financial infrastructure.

For digital asset platforms operating in regulated markets, this represents the next phase of payment architecture, and we are proud to be leading the way.