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Inside Saudi Arabia’s Open Banking Boom: A 2023 Snapshot

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Symbiosis in Action: Saudi Arabia’s Open Banking Renaissance In the quest to build vibrant, diversified economies beyond the oil horizon, the Gulf Cooperation Council (GCC) nations are anchoring their national strategies on the bedrock of an ‘Open Economy’. And open banking is fast becoming a key ingredient in their recipe for innovation and economic diversification. Now, Bahrain might have been the first-mover in making open banking mandatory, but guess what? The UAE and Saudi Arabia are hot on their heels, gearing up to embrace the future of finance. Saudi Arabia, in particular, is witnessing a digital transformation of epic proportions in the banking industry, where open banking initiatives have triggered a phenomenal 30% surge in fintech adoption rates.Previously, we glimpsed the GCC’s overarching venture into open banking, where Saudi Arabia emerges as a heavyweight in driving Open Banking initiatives. Saudi Arabia’s Open Banking landscape is currently experiencing a symbiotic relationship between industry players and regulatory bodies. Market players, including traditional banks, data aggregators, and emerging fintechs, are actively exploring and implementing Open Banking solutions, driven by a growing demand for more integrated, customer-centric financial services. Simultaneously, Saudi regulatory authorities are playing a pivotal role in shaping this transformation by setting up innovation […]

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