An evolving landscape: The state of open banking regulations in Mena

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Abdulla Almoayed is the founder and CEO of open banking platform Tarabut Gateway, discusses how government regulations are shaping the future of banking in the region

The global open banking agenda has exploded in recent years, with Bahrain playing a pioneering role in fostering similar projects in the Middle East and North Africa (Mena). However, as open banking has gained traction in the region, the UAE and Saudi Arabia have taken constructive measures to make it a regional reality.

The Central Bank of Bahrain (CBB) has successfully improved the fintech ecosystem through a number of initiatives, including the establishment of a regulatory sandbox in May 2017 and the implementation of Open Banking regulations in November 2018, both of which were firsts for the region. In November 2020, further strengthening the ecosystem, the Central Bank of Bahrain released a second phase of regulations called the Bahrain Open Banking Framework…

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