Becomes the first regional fintech to be licensed under Open Finance frameworks in three major Gulf economies – Saudi, Bahrain and now UAE
Open Banking
Latest in Open Banking
Central Bank of the UAE
“It’s not rocket science”: Mahmoud Abuebeid on fixing cross-border payments
GSS Group’s CEO on real-time payments, open finance — and what fintech still gets wrong
CBUAE
UAE fintech Pay10 first to launch on Central Bank’s open finance framework
The company has acknowledged the Central Bank of the UAE’s crucial role in facilitating a responsible and secure rollout
digital banking
Open banking fuels GCC fintech boom as UAE, Saudi lead regional growth surge
The open banking payments volume in the GCC is projected to quadruple to over $930 billion by 2028 from $230 billion in 2023 amidst all the member countries running real-time payment programmes
Crypto.com
Crypto.com, Beyon Money sign MoU to enhance payments and transaction services in Bahrain
The agreement envisages seeking joint innovation opportunities in artificial intelligence and open banking
API
MENA must end screen scraping to protect consumers
Fidelity’s recent decision to address data vulnerability through screen scraping has sparked a critical conversation about balancing fintech’s rapid growth with consumer interests
financial institutions
Saudi Central Bank launches ‘Open Banking Lab’ to promote innovation in the county
The lab will provide banks and fintechs a technical testing environment to enable them to develop, test, and certify their open banking services to ensure compatibility with the Open Banking Framework
financial institutions
Wally Global Arabia, Istishraf Al-Bayanat among new companies approved by SAMA for open banking solutions
The latest approvals take the total number of permitted firms operating under SAMA’s Regulatory Sandbox to 42
Abu Dhabi Islamic Bank
Abu Dhabi Islamic Bank looks to lead UAE’s open banking revolution and boost fintech solutions
Third-party providers such as payment initiators, account aggregators, and other fintechs will now be able to deliver new digital services to meet customer and market expectations using ADIB’s platforms
Abdulla Almoayed
Tarabut Gateway announces four partnerships as open banking set to launch in Saudi Arabia
Kingdom has announced its ambition to go cashless, aiming for 70 percent non-cash transactions by 2030
B2B businesses
Could ‘gamification’ help corporate banks improve customer loyalty?
Gamification is the use of game-like mechanics in non-game contexts to engage users and motivate them to achieve their goals
Abdulla Almoayed
DIFC’s Tarabut Gateway becomes UAE’s first regulated Open Banking platform with DFSA license
The license marks the first time the DFSA has authorised a firm to provide account information services (AIS) and payment initiation services (PIS) activities
API-as-a-Product (AaaP)
How open are UAE bankers to the idea of Open Banking?
Open banking will help financial institutions to better shoulder heavy burdens of attracting customers and providing them product and services. Banks will be able to offload tasks such as product development, sales, marketing, operation, innovation, and even competition to ecosystem partners
Brand-as-a-Service (BaaS)
Banking as a service: The $7 trillion opportunity
Companies are already using banking as a service platforms to build deeper connections with their customers and build brand loyalty
Open Banking
Open banking provides opportunities for consumers, financial institutions and fintechs
Open banking is empowering customers to do more within their bank’s financial ecosystem, as well as promoting innovation, competition, and financial inclusion amongst large and SME financial institutions, shares expert
banking industry
Why the future of corporate banking is digitally-powered and platform-driven
Evolving customer expectations and the need for digitisation has forced corporate banks to shift away from traditional relationship models and embrace the digitally-enabled platform approach
DIFC FinTech Fund
Tiger Global makes latest bet on open banking with Middle East deal
Funding will help fintech firm Tarabut Gateway expand its open banking platform into Saudi Arabia and North Africa
