Open Banking market in Arab states can reach $1.17bln: report

Open Banking market in Arab states can reach $1.17bln: report

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 is forecast for the Open Banking market across Arab countries over the next five years, with the potential to soar to a staggering $1.17 billion, according to a new report.

The latest report by red_mad_robot says that the banking industry in the UAE has boldly committed to mobilising over AED1 trillion ($272 million) 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.

The 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.

According to the report, Central Bank Digital Currencies (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 and reduced production costs for central banks.

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