The IBS Intelligence Webinar: Open Banking in the Middle East

By Puja Sharma

Unlock the opportunities and navigate the challenges of Open Banking in the Middle East with this IBS Intelligence Webinar.

Open Banking heralds a new era of financial inclusion and innovation, fostering collaboration between traditional banks, FinTechs, and third-party providers, to offer enhanced services to customers. However, this transformation isn’t without its challenges. Security and privacy concerns loom large, with the sharing of sensitive financial information potentially exposing customers to data breaches and identity theft.

Catch up with the transformative discussion that took place in IBSi’s webinar on Open Banking in the Middle East. The conversation offers invaluable perspectives on the evolving landscape of Open Banking and its implications for financial institutions in the region.

Strong regulatory frameworks are crucial to safeguarding consumer interests. Several countries in the Middle East have already taken proactive steps. Examples include the UAE’s Financial Infrastructure Transformation (FIT) program and Saudi Arabia’s KSA Open Banking Program, establishing guidelines and standards for Open Banking, thereby bolstering trust and confidence in the system.

Moderated by V. Ramkumar, Senior Partner at Cedar Management Consulting, and powered by Fiorano Software, this webinar brought together a panel of industry experts to delve into the intricacies of Open Banking. Speakers included Richard Koch from the UK’s Open Banking Implementation Entity (OBIE), Dr Devid Jegerson, National Bank of Fujairah (now COO, Invest Bank), and Biju Suresh Babu, Managing Director, Fiorano Software.

From a discussion of the key benefits of Open Banking to exploring implementation strategies and the significance of APIs, the webinar covered a wide range of topics crucial to understanding the impact of Open Banking on the financial landscape of the Middle East. Moreover, it addressed the significant challenges associated with Open Banking, including security and privacy concerns, and highlighted the importance of regulatory frameworks in ensuring a safe and secure financial ecosystem.

Stay tuned for future webinars from IBS Intelligence. There will be more opportunities to learn and grow in today’s fast-paced FinTech and financial services market.

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