Regional Approach Emphasizes Collaboration Over Competition

The Middle East is rapidly emerging as a leader in open finance, with the region poised to surpass Europe and the UK in comprehensive data-sharing frameworks. Unlike Western models that evolved through competition, the Middle Eastern approach prioritizes inclusion from the outset.

According to Nihal Abughattas, General Manager for Middle East and Africa at Ozone API and co-chair of the Open Finance Working Group at the MENA Fintech Association, this strategy ensures all stakeholders have “skin in the game,” fostering a collaborative ecosystem where banks and third-party providers jointly create value.

“The beauty of open finance is we’re not starting from the ground up,” Abughattas noted. While building robust infrastructure and quality APIs requires time, it forms the foundation for addressing region-specific challenges—such as modernizing rent payments in GCC countries through account-to-account transfers and variable recurring payment solutions.

AI Integration Set to Accelerate Impact

The convergence of open finance with emerging technologies like artificial intelligence is particularly promising. Abughattas described this pairing as a “marriage made in heaven,” suggesting that when consumers consent, AI agents can leverage data to identify optimal financial products—potentially increasing the impact of financial services by tenfold.

Focus Shifts to Measurable Outcomes

Looking ahead, industry attention will shift from technical implementation to tangible results. Rather than simply verifying connectivity, stakeholders will increasingly report on how open finance improves lives through greater access to capital for SMEs and individuals.