UAE ‘global leader’ in financial services innovation

UAE ‘global leader’ in financial services innovation

Open Banking is seen as unequivocally important in the UAE, with 4 in 5 financial institutions (80%) considering it a ‘must have’, up from 68% last year, Finastra research reveals.

Its extension, open finance, is seen as a ‘must have’ by 71% of respondents in the context of data sharing, a significant jump from 50% last year. Both figures are considerably higher than any other market surveyed.

Some 94% of respondents note that it is already driving collaboration and having a positive impact in the UAE, suggesting the industry’s increasing appetite for embracing an ecosystem model.

The ‘Financial Services: State of the Nation Survey 2022’ also finds that environmental, social and governance (ESG) initiatives have become a board-level agenda in the UAE. 96% of respondents state that ESG is important and nearly all (99%) agree that financial institutions have a responsibility to support the communities they serve, up from 88% last year.

Inclusive industry

Both figures are higher than the other markets surveyed, emphasising the region’s commitment to creating a sustainable and inclusive industry. Linked to this, the appetite for green lending is also highest in the UAE, with 94% agreeing that it presents an opportunity for growth and revenue generation.

The research was conducted amongst