Open banking market in Arab countries can reach $1.17bln according to recent fintech report 2024

Open banking market in Arab countries can reach $1.17bln according to recent fintech report 2024

ESG Commitments and Trends: Over 1 Trillion of AED into Sustainable Financing

Dubai, UAE — The latest report by red_mad_robot paints a compelling picture of the future exploring fintech trends shaping the Middle East in 2024. Based on the comprehensive research, it predicts a remarkable 25% annual growth in the Open Banking market across Arab countries over the next five years, with the potential to soar to a staggering $1.17 billion.

Furthermore, the banking industry in the UAE has boldly committed to mobilizing over 1 trillion AED in sustainable financing by 2030, showcasing a dedication to driving financial practices toward a more environmentally and socially responsible future. The report also delves into the transformative impact of cutting-edge technologies such as blockchain and AI on the region's fintech landscape.

As we usher in the New Year, this review serves as an invaluable resource for business enthusiasts, investors, and anyone keen on staying abreast of the evolving economic agenda in the Middle East.

Adoption of CBDC

According to the report, CBDCs are gaining global momentum as more countries research and develop projects, with integration into financial systems enabling cross- border transactions, retail payments, and innovative applications, while also improving financial inclusion and cross-border payments through smartphone access