Arab Open Banking market set to soar at USD 1.17 bln

January 18, 2024
1 min read

TLDR: A new report by Turkish consultancy company red_mad_robot predicts that the Open Banking market in Arab states will experience a 25% annual growth until 2029, potentially reaching USD 1.17 billion. The report highlights the interest in new technologies such as Central Bank Digital Currencies (CBDCs), the commitment to sustainable finance, and advancements in decentralized finance (DeFi) and cryptocurrency. It also discusses the adoption of green blockchains and eco-features by banks, the integration of Environmental, Social, and Governance (ESG) practices in fintech products, and measures taken by Middle Eastern governments to support fintech payment ecosystems.

According to the report, CBDCs are gaining global momentum and are being integrated into financial systems to improve cross-border transactions, retail payments, and financial inclusion. The report also notes that the banking industry in the UAE has committed to mobilizing over $272 million in sustainable financing by 2030. Additionally, there is a focus on the tokenization of real estate and other asset classes in the region, as well as the adoption of stablecoins as payment methods both online and offline.

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