> ## Knowledge Base Index
> Fetch the complete knowledge base index at: https://help.tryspare.com/sitemap.xml
> Use this file to discover available pages before exploring further.
> Pure-Markdown content can be obtained by appending a '.md' suffix to the content URLs listed in the sitemap (without the trailing slash).

# Why was AlTareq introduced?

The Central Bank of the UAE (CBUAE) launched AlTareq to help to digitise the financial sector and give you more choice and convenience. AlTareq, the name for Open Finance in the UAE, securely connects all Licensed Financial Institutions and Open Finance companies, such as Spare, via a central platform. AlTareq has the capacity to enable four key functionalities including data sharing, quote generation, service and transaction initiation and onboarding to Licensed Financial Institutions. Not all functionality is available in all sectors of financial services.