Open Banking & Digital Wallets: Transforming Fintech in the MENA Region

Open banking and digital wallets are having a transformative impact on the MENA region’s fintech sector. Open banking, which allows third-party providers to access banking data through APIs, combined with the rising popularity of digital wallets, offers unprecedented financial innovation opportunities. This synergy enhances consumer benefits in ways such as personalized financial management, streamlined loan applications, faster cross-border transactions and tailored investment strategies. Key implementations include the Tabby (United Arab Emirates), which facilitates installment payments, and STC Pay (Saudi Arabia), which enhances financial services accessibility. However, regulatory alignment, data security, financial literacy and similar challenges remain. Collaborative efforts among stakeholders are crucial for leveraging these technologies to foster a more innovative, efficient and inclusive financial landscape.