MENA: Open finance is a ‘step change’ according to new report

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The MENA FinTech Association (MFTA) Open Banking Working Group, in collaboration with the Arab Regional FinTech Working Group, has today published a landmark report Open finance: A framework for the Arab region is more than a question of scope.

This report on open finance is a product of collaboration between the Open Banking Working Group of the MENA FinTech Association and the Arab Regional Fintech Working Group.

The report explains why open finance is a step change for the finance sector, and why it offers unique opportunities for the Arab region but also brings challenges for both regulators and firms alike.

The report foresees the need for a change in the way firms think about and use data and it argues that open finance may require cultural shifts around the globe. That is because open finance, the report says, is not just about a bigger or broader version of open banking. It is a fundamentally new development.

Nameer Khan, Chairman & Founding Board Member, MFTA said:

“Unlike open banking, open finance brings together a host of participants across financial services. Any hierarchical notion of data providers and third-party recipients is long gone. In its place is a level playing field where all parties may share or receive data as part of a collaborative ecosystem.”

Hakan Eroglu, MFTA Open Banking Working Group Lead, and Global Open Banking Lead, Advisors at Mastercard, said:

“Yet open finance is more than open banking with a broader scope. Where an open banking framework is designed to spur the innovation of products and services, open finance takes those products and services and then connects them across a shared framework as well. The result is a consistent and richer customer experience regardless of the businesses involved.”

Kareem Refaay, Managing Director, The London Institute of Banking & Finance MENA, said:

“As part of our mission to contribute to the region, we are proud to support MFTA in developing and publishing the new Open Finance Report. Along with contributions from stakeholders, the report will ensure access to regional insights and knowledge sharing across open finance.”

Open finance: A framework for the Arab region is more than a question of scope was presented at the annual Fintech Abu Dhabi 2021 festival (22nd – 24th November 2021), and launched on 6th December 2021. It follows the publication last year of MFTA OBWG’s first report Open banking: A vision from the Arab world.

Open finance: A framework for the Arab region is more than a question of scope includes the insights of many regional and international experts:

  • Abu Dhabi Global Market (ADGM)
  • Arab Monetary Fund (AMF)
  • Arthur D Little
  • Codebase Technologies
  • Dubai International Financial Center (DIFC)
  • The London Institute of Banking and Finance (LIBF)
  • Mastercard
  • OneConnect Financial Technology
  • Tarabut Gateway

Download a copy of Open finance: A framework for the Arab region is more than a question of scope

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