Open Banking 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.
However, Open Banking also poses significant challenges such as security and privacy concerns. concerns, as the sharing of sensitive financial information with third-party providers increases the attack surfaces for data breaches and identity theft.
Regulations, thus, become important guard rails for open finance with several countries in the Middle East have come up with regulatory frameworks for open finance, which can provide a boost to open banking in this region; for example, in UAE, CBUAE recently launched the Financial Infrastructure Transformation (FIT) program and late last year, Saudi Arabia announced the KSA Open Banking Program.
Watch our panel of experts to find out more about how financial institutions can overcome challenges of adoption, and benefit from the opportunities Open Banking presents to the ecosystem in the Middle East.
Speakers included: –