Report: Open Banking market in Arab states to reach USD 1.17 bln

Thursday 18 January 2024 15:07 CET | News

Turkey-based consultancy company red_mad_robot has published a report which forecasts a 25% annual growth for the Open Banking market in Arab countries until 2029.


A report from red_mad_robot presents an overview of the future, examining fintech trends influencing the Middle East in 2024. The comprehensive research forecasts a notable 25% annual growth in the Open Banking market within Arab countries until 2029, potentially reaching USD 1.17 billion.

red_mad_robot says that the banking industry in the UAE has committed to mobilising over USD 272 million in sustainable financing by 2030, demonstrating a commitment in driving financial practices toward a more environmentally and socially responsible future.

red_mad_robot has published a report which forecasts a 25% annual growth for the Open Banking market in Arab countries until 2029.

An interest in new technologies

According to the report, Central Bank Digital Currencies (CBDCs) are gaining global momentum as more countries research and develop projects, with integration into financial systems enabling cross- border transactions, retail payments, and innovative applications, while also improving financial inclusion and cross-border payments through smartphone access and reduced production costs for central banks.

Committing to sustainable finance

Inspired by sustainability commitments, the review predicted an evolution towards green blockchains and eco-features in banks' apps as a marketing solution. Additionally, fintech companies and banks are expected to incorporate Environmental, Social, and Governance (ESG) practices into their products and operations.

Governments in the Middle East are taking measures to support the growth of fintech payment ecosystems: the Central Bank of UAE has launched a regulatory framework for digital payment service providers, where it promotes the adoption of AI through policies and initiatives such as the UAE AI & Robotics Award for Good.

Advancing DeFi and crypto

In 2024, the region is expected to focus on the tokenization of real estate, financial tools, and various asset classes — this aims to expand export potential and attract new users and investments, and to make the adaptation of stablecoins as payment methods both online and offline.

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Keywords: Open Banking, report, fintech, sustainability , green finance, blockchain, crypto, DeFi
Categories: Banking & Fintech
Companies: red_mad_robot
Countries: Middle East
This article is part of category

Banking & Fintech


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