UAE tops in appetite for financial services innovation

UAE tops in appetite for financial services innovation

The survey by Finastra shows that 71per cent of financial institutions in the UAE regard open finance as a ‘must have’, up from 50 per cent in 2021 while 94 per cent agree it is making financial services more collaborative

The UAE also leads in Banking as a Service (BaaS) and Embedded Finance sentiment as 95 per cent of institutions agree that BaaS and embedded finance are already expected or demanded by customers, higher than the other regions surveyed.

Published: Tue 6 Dec 2022, 4:29 PM

The UAE has emerged as a global leader in appetite for financial services innovation with the majority of financial institutions considering open banking as unequivocally important.

The survey by Finastra shows that 71per cent of financial institutions in the UAE regard open finance as a ‘must have’, up from 50 per cent in 2021 while 94 per cent agree it is making financial services more collaborative.

Both figures are considerably higher than any other market surveyed as 94 per cent 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’s Survey 2022, also finds that environmental,