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Open Banking: A Vision from the Arab World

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:

  1. Principles over prescriptions

  2. Phased implementation

  3. Customer data rights

  4. Standardization and neutral technology

  5. 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.

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