THE ARAB MONETARY FUND PUBLISHES A DOCUMENT ON “OPEN BANKING REGULATORY PRINCIPLES” IN THE FRAMEWORK OF THE ARAB REGIONAL FINTECH WORKING GROUP
The document sheds light on the opportunities that open banking services offers to the financial and banking institutions customers
The regulatory requirements to initiate open banking services in the Arab countries
The importance of creating a stimulating environment to encourage innovation in open banking
The Arab Monetary Fund (AMF), in collaboration with the Arab Regional Fintech Working Group members, published today a document titled “Open Banking Regulatory Principles”, as part of the AMF ongoing efforts to support digital financial transformation in the Arab countries, which plays a major role in growing the level of financial inclusion and contributing to the development of innovative financial services. The document highlights the benefits that open banking services may create for the financial and banking institutions customers, in terms of increased competition, lower costs, encouragement of innovation, and the generation of new business models and use cases.