Navigating the sands of innovation: Open Finance in the GCC

Serena Sebastiani from PwC Middle East embarks on a journey through innovation in the GCC’s financial sector with a focus on Open Finance. Discover the region’s strategic evolution.

The banking industry has entered its fifth transformation phase, marked by the emergence of Application Programming Interface (API) banking as a new channel, occurring alongside digital transformations like Open Finance, Banking-as-a-Service (BaaS), and Banking-as-a-Platform (BaaP).

The metamorphosis is particularly evident in the GCC, which is driven by a supportive government mandate and a growing fintech ecosystem. Here, financial services…