The Future of Open Banking and Open Finance in the MENA Region
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In this episode of Couchonomics with Arjun, we discuss how open banking and open finance are transforming the financial industry, not only in the MENA region but also globally. We'll be joined by Hisham Al-Falih, Co-Founder & CEO of Lean Technologies, as we explore the challenges, opportunities, and latest developments in the field. Tune in to find out how the MENA region is catching up with Europe and the United States in adopting open banking, and what this means for businesses and individuals looking to stay ahead of the game.
Moreover, the episode explores how open banking and open finance can help small and medium-sized enterprises (SMEs) access financial services more easily. With open banking, SMEs can access alternative financing options and connect with potential investors more efficiently. This can help SMEs overcome traditional barriers to financing and accelerate their growth, which is particularly important in the MENA region where SMEs are a major driver of economic activity.
Arjun and Hisham delve into the different types of open banking models and their benefits such as:
- Expanding the scope of open banking by including more financial services beyond traditional banking
- Creating a seamless user experience and providing them with a more comprehensive view of their finances.
- Levelling the playfield for all participants in the “open data economy”
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