Tag "open banking"

Bahrain, UAE and Saudi Arabia Recognized as Open Banking Leaders in the GCC

In the Gulf Cooperation Council (GCC), the open banking phenomenon is evolving at a rapid pace. Across the region, regulators are embracing the imperative aggressively, having acknowledged the potential of data sharing to improve customer experience and increase financial inclusiveness.

Read More

Fintech Galaxy Appoints Salt Edge’s Senior Execs As Its New COO and CFO

Open banking platform Fintech Galaxy announced the addition of executive team members as it looks to ramp up its product offering and presence across the region, especially in the UAE, Saudi and Bahrain. This most notably included the appointment of

Read More

MENA’s Demand for Payment Hubs Rises as Open Banking Fuels Cross-Border Flows

The accelerated digitalisation that swept the globe in the last two years has led to widespread adoption of digital financial services. Customers – both individuals and businesses – now want their services fulfilled instantly, and that extends to cross-border settlements

Read More

2022, a Breakout Year for Open Banking in Saudi Arabia

In Saudi Arabia, open banking is taking off, driven by a conducive regulatory landscape, increased competition in the financial sector, and rising investors’ interest. A new report by fintech research firm WhiteSight in partnership with homegrown fintech company Mod5r takes

Read More

Open Banking APIs, AI Among Top Fintech Trends in Bahrain this Year

Bahrain Fintech Bay, a fintech hub spearheaded by the government, has identified open banking APIs, artificial intelligence (AI), customer-centric models, and fintech as infrastructure as the four key trends in the domestic fintech ecosystem expected to boom this year on

Read More

Oman Jumps on Open Banking Bandwagon

The Central Bank of Oman (CBO) is drafting the so-called Open Banking API Strategy as part of a broader push to stimulate innovation in the finance sector. The intentions were outlined in the 2021 Arab Region Fintech Guide, a paper

Read More

Nigeria Lays Groundwork for Open Banking

With a booming fintech sector, the Nigerian government and regulators are now setting the foundation for open banking, releasing regulatory frameworks for the safe and efficient transmission of data with hopes that subsequently new, innovative financial solutions will emerge and

Read More

Saudi Arabia: Open Banking Expected to Go Live in H1 2022

The Saudi Central Bank, previously known as Saudi Arabian Monetary Authority (SAMA), is planning to go live with open banking during the first half of 2022. The Go-Live Phase will be the third and last phase of SAMA’s open banking

Read More

New Report Calls for Open Banking Harmonization Across the Arab World

Open banking is making inroads in the Arab world but visions and strategies between countries across the region vary dramatically. Defining a holistic vision for open banking in the region will allow Arab countries to fully reap the fruits of

Read More

Open Banking Makes Foray Into the Middle East

Globally, initiatives across different jurisdictions have emerged to make open banking a reality, ranging from direct regulatory requirements, like what’s been done in the UK and the European Union (EU), to market-coordination and industry-led initiatives such as in the US

Read More