Open Banking is now being adopted in various regions around the world – with more than 87% of countries that have already established some form of Open APIs. So let’s take a quick tour around to world to learn about how countries have implemented Open Banking.
When it comes to open banking, it’s extremely important for all stakeholders in the financial ecosystem to be aware of the regulations that make this innovative financial services framework possible. Collaboration is key to reap the true benefits of Open Banking.
With new players entering the market, consumers will have more options to choose from. It will undoubtedly affect the demand for banking products. Banks will have to improve their technologies and make efforts to ensure that their services are competitive.
Recently, online payments penetration in MENA increased to 76% while mobile penetration increased to 133%. While, these indicators might only allude to the untapped potential within the market, what are the factors that make it poised to become the leader of Open Banking?
The term “Open Banking” has been making the rounds in the financial services industry. Open Banking is now a reality in MENA, with Bahrain leading the charge and Tarabut Gateway at the center of this initiative. But what is Open Banking?
Traditionally, the SME segment has been often underserved by banks and other financial institutions. So then how does Open Banking assist this crucial segment of the economy? Is there a way that this new banking framework can improve efficiencies?