March 5, 2024
PRESS RELEASES

Open Banking Market in Arab Countries Can Reach $1.17 bn

The latest report by red_mad_robot paints a compelling picture of the future exploring fintech trends shaping the Middle East in 2024. Based on the comprehensive research, it predicts a remarkable 25% annual growth in the Open Banking market across Arab countries over the next five years, with the potential to soar to a staggering $1.17 billion.

Furthermore, the banking industry in the UAE has boldly committed to mobilizing over 1 trillion AED in sustainable financing by 2030, showcasing a dedication to driving financial practices toward a more environmentally and socially responsible future. The report also delves into the transformative impact of cutting-edge technologies such as blockchain and AI on the region’s fintech landscape.

The review serves as an invaluable resource for business enthusiasts, investors, and anyone keen on staying abreast of the evolving economic agenda in the Middle East.

Adoption of CBDC

According to the report, 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.

Green Fintech and Sustainable Finance

Inspired by sustainability commitments during COP28, 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.

AI-Driven business and services

Governments in the Middle East are taking measures to support the growth of fintech payment ecosystems: the CBUAE has launched a regulatory framework for digital payment service providers, the UAE is promoting the adoption of AI through policies and initiatives such as the UAE AI & Robotics Award for Good. The market is anticipating AI-driven businesses and services, including AI regulation, the use of Generative AI, and the integration of AI capabilities into digital products.

Development of 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 also to make the adaptation of stablecoins as payment methods both online and offline

Last Updated on 2 months by Middle East News 247

    Middle East News 247

    Middle East News 247

    Middle East News 247 delivers trending business and lifestyle news and essential infotainment for, and from the Middle East region, with key focus on the GCC nations: United Arab Emirates (UAE), Saudi Arabia, Qatar, Bahrain, Kuwait, and Oman.
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