Summit discusses development of ‘Open Banking’ in Middle East

Summit discusses development of ‘Open Banking’ in Middle East

Discussion is underway during the 10th Annual Middle East Banking Innovation Summit in Dubai. Sajjad Ahmad, Staff Reporter The 10th Annual Middle East Banking Innovation Summit held in Dubai explored the latest advancements in financial technology (fintech) and banking technology. The summit was the first of its kind event of the year in Dubai, which highlighted the post-COVID-19 challenges and new opportunities for the industry. The developments of Open Banking platform and new collaborative business models were discussed during the summit. Open Banking is a regulatory framework that allows Fintech and other companies to offer innovative payment and other product services to end customers. The framework allows registered fintechs to access your bank account details based on your consent to do so. Banks have to comply with an 'individual' request / consent to share their bank account details. Tata Consultancy Services, Abu Dhabi Global Markets, Commercial Bank of Dubai and Gulf International Bank, Bahrain participated at event. Sumanta Roy, VP & Head of Middle East, Africa, Mediterranean, Tata Consultancy Services (TCS) moderated a panel discussion around Open Banking and the innovations in the current banking ecosystem. The panel discussion saw participation of the key banking industry leaders such as Stefan