Open banking in the Gulf: a revolution waiting to happen?

Open banking in the Gulf: a revolution waiting to happen?

The founder and CEO of the MENA region's first and largest regulated open banking platform is confident the technology will revolutionise the industry, with a mobile application taking on the role of the traditional financial advisor.

Open banking is the sharing of financial information electronically and securely, with the consent of the customer.

Abdulla Almoayed, who is the driving force behind Tarabut Gateway, told Arabian Business: “With open banking, any mobile banking app that is out there and is licensed can become your financial advisor.

"If I was a financial advisor and I called someone up personally on a Thursday morning and said, you've got $10,000 sitting in your bank account, I've got a beautiful fixed deposit that's suitable for you'd probably tell me to get lost and that I shouldn't be looking