Open Banking’s Imminent Rise in the MENA Region

Paytech, Arab Financial Services (AFS) and Brankas have published a new whitepaper on open banking in the MENA region. The paper highlights an expectation that the region (especially Bahrain, Saudi Arabia and the UAE) is on the brink of a significant open banking breakthrough. The paper also emphasizes the necessity of collaborations between diverse entities within the fintech industry for the overall success of open banking. While open banking is seen as a pathway for innovations and digital transformations, the adoption of open banking in the MENA region is not just about technological advancement but is also fundamental to the region’s B2B financial landscape. This advancement is expected to continue the transformation of financial services in the region and also build consumer trust in financial institutions.