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4 Open Banking platforms accelerating FinTech growth in Middle East

By Delisha Fernandes

October 05, 2023

  • AI Algorithms
  • Financial Management
  • Lean Technologies

Open BankingOpen Banking is one of the major FinTech trends to have swept the Middle East. It improves financial inclusion while enabling banks and incumbent Financial Institutions (FIs) to collaborate with FinTechs and other third-party providers to offer new and improved financial products and services to customers, further driving innovation in the industry.

These platforms offer clients with more choice and control over their financial data. It also aims to promote innovation and enhance the overall client experience in banking, thereby increasing competition in the field of financial services.

Here are 4 Open Banking platforms accelerating FinTech growth in Middle East:

Lean Technologies (Lean), is a FinTech platform providing a universal API that unlocks critical infrastructure across the MENA region. Recently, Abdul Latif Jameel United Finance has signed a Memorandum of Understanding (MoU) with Lean Technologies. New Open Banking technologies will be an added value to Abdul Latif Jameel Finance’s products offered to both individuals and SMEs.

Spare, an Open Banking Service provider in the Middle East, offers a comprehensive suite of services, including real-time account information and seamless payment initiation. The company aims to drive change, enhance customer experiences, and shape the future of banking with agility, transparency, and trust. Recently, Spare obtained KSA Open Banking certification. By fulfilling SAMA’s rigorous criteria, Spare strengthens its credibility as a trusted partner in delivering secure, transparent, and revolutionary  banking experiences for consumers in the Kingdom of Saudi Arabia.

Spire Technologies is a Manama-based Open Banking platform. It’s technology, AI and banking experts help in knowledge sharing, global expert collaborations and thought leadership. Spire Technologies overall ethos and focus is to address the challenges, complexities and core issues faced by individuals and SMEs when it comes to financial management.

Tarabut is an Open Banking platform in the MENA region, operating in Saudi Arabia, Bahrain, and the UAE. The company has partnered with Visa to boost open Banking in MENA. The partnership will elevate product offerings through technology and expertise collaboration, enhance customer experiences, streamline cross-border transactions, and foster innovation and cooperation across the financial ecosystem. The initial focus will be on creating data-driven offerings such as credit risk assessments, advanced analytics, and insights.

Also read: Global Digital Banking Vendor & Landscape Report Q2 2024

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