GCC Open Finance
The Gulf Cooperation Council countries are at various stages of open banking adoption, with the UAE, Saudi Arabia, and Bahrain leading the way.
Regional Overview
The GCC region represents a unique opportunity for open finance development. With high smartphone penetration, digitally-savvy populations, and ambitious government digitalization agendas, the region is well-positioned for open finance adoption.
Bahrain was the first GCC country to launch open banking in 2020, followed by Saudi Arabia in 2022. The UAE's Al Tareq platform represents the most recent major launch, bringing the third-largest Arab economy into the open finance ecosystem.
While each country is developing its own framework, there are opportunities for regional coordination that could benefit the entire GCC financial services sector.
Country Status
United Arab Emirates
CBUAEAl Tareq platform operational, banks onboarding
Saudi Arabia
SAMAAccount information and payment initiation active
Bahrain
CBBFirst GCC country to launch open banking
Kuwait
CBKRegulatory framework under development
Qatar
QCBPilot programs with select banks
Oman
CBORegulatory discussions ongoing
Regional Insights
Bahrain: The GCC Pioneer
Bahrain launched the first GCC open banking framework in 2020, providing valuable lessons for the region. Their approach emphasized sandbox-first development and strong TPP engagement.
Saudi Vision 2030 Integration
Saudi Arabia's open banking initiative is tied to Vision 2030 financial sector development goals, with SAMA taking a phased approach to API rollout.
Cross-Border Potential
With multiple GCC countries adopting open finance, there is potential for regional interoperability and cross-border financial services innovation.
Regional Opportunities
Standard Alignment
Opportunity for GCC countries to align on API standards, reducing friction for regional TPPs.
Regional Sandbox
Potential for a shared GCC sandbox environment to accelerate cross-border innovation.
Remittance Innovation
Open finance could transform the significant GCC remittance corridors with lower costs and faster transfers.
SME Finance
Account aggregation and credit decisioning improvements for the region's growing SME sector.
Regulatory Resources
Contributing regional knowledge?
Have experience with open finance in another GCC country? Share your insights with the community.
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