Open Banking: A vision from the Arab world

Topics

Sustainability & financial inclusion consulting

Industry

Much of the Arab world is fast emerging as a global open-banking microcosm. European-style regulatory-driven approaches rub shoulders with American-style market-led approaches.

Still, the basic objective of open banking remains the same: stimulate innovation in the banking sector by putting data back in the hands of customers. Achieving that objective requires global hindsight and a flexible approach to specific regional needs.

"If banks are expected to be flexible to meet the demands of open banking, then the open-banking framework itself should also be flexible enough to stimulate innovation."

This report is co-authored by the MFTA (MENA Fintech Association) Open Banking Working Group (led by Hakan Eroglu of Mastercard) and the Arab Monetary Fund. It concludes with a five-step framework for open banking in the region:

Principles over prescriptions
Phased implementation
Customer data rights
Standardization and neutral technology
Level playing field

Download the report to learn how the vision for open banking in the Arab world is redefining what’s possible around the world.

Download the White Paper

Location

More to Read

White Paper

A Global Microcosm: Open Banking in the Gulf States and Egypt

The Gulf Cooperation Council (GCC) member states and Egypt are becoming hubs for financial technology companies (fintechs). And fintech growth is increasingly reliant on open banking. Learn about the variety of approaches to open banking in the region and how they fit into a global context.

White Paper

Sailing Against the Wind: How Businesses in Asia are Navigating Covid-19

Businesses in Asia, particularly East and Southeast Asia have been navigating the economic implications of Covid-19 longer than elsewhere. Read our newest report on how six different sectors throughout Asia have strategically applied data and analytics in practical and insightful ways.

Recovery Insights

Chronicles of the New Normal: How Open Banking Can Address New Customer Needs

Let us imagine we are in 2021 and the world has left behind the worst of the COVID-19 pandemic. No doubt life has changed, and governments, companies, and individuals are adapting to a “new normal.”