A section of last year’s Open banking: A vision from the Arab world report discussed the shift to open finance. In this year’s follow-up report, open finance is a topic unto itself. But it comes with a caveat: open finance is more than just open banking with a broader scope.
So, while open finance goes beyond payment account information to include entire financial footprints, it also layers enhanced functionality on top:
"Where an open banking framework is designed to spur the innovation of products and services, open finance takes those products and services and then connects them across a shared framework as well.”
The result is a consistent and richer customer experience regardless of the businesses involved.
This report is a product of the Open Banking Working Group of the MENA FinTech Association in collaboration with the Arab Regional Fintech Working Group. It has profited from the insights of many regional and international experts.
Download the report to learn how open finance offers unique opportunities for the Arab region but also brings challenges for regulators and businesses alike.