Providing open banking solutions to the fintech sector

SourceSalaam Gateway
SectorFinancial Services

Digitalization has been picked up pace during the pandemic, new products, services, new customer behaviors, and innovative business ideas have emerged worldwide, and thus new business processes. The business model called “Islamic Fintech” in the literature can shortly be defined as an adjustment of financial, technological developments to Islamic finance and ethical finance. Islamic fintech companies are essential since they can focus on niche fields where the conventional instruments cannot.

In recent years, we have seen some successful examples of this business model, which created its ecosystem to a great extent.

The open banking system, which was introduced as one of the future finance models, refers to a secure banking model where third parties can access customers’ financial information with customers’ consent. Open banking technologies have become the more...