Open Banking & API Integration
Mena Advisory provides strategic advisory on open banking frameworks, API integration strategy, and the business opportunities created by data sharing and third-party access in financial services across the MENA region.
What Is Open Banking?
Open banking is a framework that enables customers to share their financial data with authorised third-party providers (TPPs) through secure APIs, with the customer’s explicit consent. It creates the foundation for a new generation of financial products and services that leverage account data, payment initiation, and identity verification — moving financial services from a closed, proprietary model to an interconnected, data-driven ecosystem.
The Regulatory Context
Open banking has been driven by regulation in many markets — most notably the EU’s PSD2 and the forthcoming PSD3, the UK’s Open Banking Standard, and similar frameworks emerging across the MENA region. Saudi Arabia’s Open Banking Framework, managed by the Saudi Central Bank (SAMA), and Bahrain’s open banking regulation represent significant regional milestones, with other MENA jurisdictions progressing their own frameworks.
The Business Opportunity
Open banking creates substantial commercial opportunities across the financial services value chain. For banks, it enables new revenue streams through API monetisation and embedded finance partnerships. For fintechs, it provides access to account data and payment initiation capabilities that power innovative products. For merchants, it enables account-to-account payments that reduce card processing costs and improve the customer experience.
Our Advisory Services
Open Banking Strategy
We help financial institutions define their open banking strategy — from compliance-driven API exposure through to proactive commercialisation of open banking capabilities as a platform business model.
API Architecture and Governance
We advise on API design, governance frameworks, and developer portal strategy, ensuring that open banking implementations are secure, scalable, and aligned with regional and international standards.
Third-Party Provider (TPP) Ecosystem Development
We support the development of TPP partnership programmes and fintech ecosystem strategies, helping financial institutions build the commercial relationships that maximise the value of open banking infrastructure.
Regulatory Compliance and Readiness
We assess compliance requirements against applicable open banking regulations and help organisations develop implementation roadmaps that meet regulatory obligations while capturing commercial value.
MENA Open Banking Landscape
The MENA region is at an exciting inflection point in its open banking journey. We help financial institutions and fintechs navigate the regulatory requirements, technical standards, and commercial dynamics of open banking across Saudi Arabia, UAE, Bahrain, Qatar, and wider MENA markets.
Ready to unlock the potential of open banking for your organisation? Contact our team today.