Unlike its banking-specific predecessor, 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.

Whether looking to improve financial inclusion, boost liquidity for small businesses, or facilitate know-your-customer (KYC) verifications, open finance is poised to lay the foundation for the future of finance across the Arab region. That’s both an opportunity and a challenge for banks. It’s also a development that chimes well with the economic diversification agendas and relatively youthful workforces of Arab countries.

This report on open finance is a product of the Open Banking Working Group of the MENA FinTech Association in collaboration with the Arab Regional Fintech Working Group. Contributors include Abu Dhabi Global Market (ADGM), Arab Monetary Fund (AMF), Arthur D. Little, Codebase Technologies, Dubai International Financial Centre (DIFC), London Institute of Banking and Finance (LIBF), Mastercard, OneConnect Financial Technology, and Tarabut Gateway.