The six members of the Gulf Cooperation Council (GCC)—Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, the United Arab Emirates—and their neighbor Egypt are becoming hubs for financial technology companies (fintechs). And fintech growth is increasingly reliant on open banking.
“As open banking spreads across the region, Bahrain and the UAE sit at two ends of a spectrum. Bahrain is following a regulation-led model adopted in regions like the European Union; the UAE is adopting an industry-led model adopted in regions like the United States."
Together, the countries are forming a global open banking microcosm. Some markets are pushing the agenda through regulation; others are letting the financial sector control the degree to which it embraces open banking. This report looks at those differences in the context of the three major ways open banking is changing financial services worldwide.
Download the full report to learn about Mastercard’s role in open banking in the Gulf states, Egypt and other parts of the world.