Open Finance

The Arab Monetary Fund publishes a white paper on “Open finance: A framework for the Arab region is more than a question of scope"

Promoting open finance frameworks generates great opportunities for enhancing digital financial services and financial inclusion

Open finance addresses the challenges of data fragmentation and maximize the potential value of financial data

The paper highlights, the areas and depth of regulatory interventions, the needed types of technological standards and the operational standards covering system responsiveness, to implement open finance

The Arab Monetary Fund (AMF) issued today Monday 6 December, 2021, a paper on “Open finance: A framework for the Arab region is more than a question of scope”, summarizing the results of a collaborative study conducted by the Arab Regional Fintech Working Group (WG), which AMF acts as the technical secretariat of the group’ and the MENA Fintech Association. The paper is issued under the framework of the Fund's endeavours to promote awareness of the requirements for developing banking and financial industry, while supporting digital financial transformation efforts in Arab countries.

The paper aims to craft the transition from open banking to open finance, beginning from the areas adjacent to payment accounts and covering the whole financial services, highlighting the needs for additional considerations to accommodate the cross-sector functionality of open finance, and providing insightful answers on how open banking can  improve the efficiency of a border financial ecosystem and  support digital financial inclusion in the region.