Open Banking set to transform finance in the GCC

Open Banking set to transform finance in the GCC

What is driving the Open Banking trends in the region?

Open Banking is a series of reforms that drive competitiveness in the banking sector. By driving change in how banks handle their customers' financial information, Open Banking puts control back in the hands of the consumer. Customers can decide whether or not to share their financial information with authorised providers, to gain access to new services and innovations that can help them manage their money better.

The Middle East and the UAE specifically have some of the highest mobile penetration rates in the world. Changing consumer trends, the desire for consumers to have full control of their finances and accounts under one view, and a better range of services tailored to them are the main drivers behind open banking. According to