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OPEN BANKING FORUM AIMS TO SERVE AS THE PLATFORM TO DISCUSS THE REMEDY FOR POST-COVID BANKING CHALLENGES.
Unequivocally, financial world is undergoing sweeping changes. These changes require adapting to emerging concepts and disruptive technologies which promises to pave the way to sustain and thrive in today’s economy. One particular technology that has got the attention of most of the Banking Regulators is Open Banking. Regional regulators such as UAE Central Bank, Saudi Arabian Monetary Authority, Central Bank of Oman and Central Bank of Bahrain are devoting diligent efforts to Open Banking initiative and services through further collaboration with the market. In line with this and to further help regional banks “Open Banking Forum” aims to discuss the opportunities, challenges and solutions pertaining to adapting this technology. This event will have the presence of decision makers representing the regional central banks and top banking and financial institutions.
SAMA is assessing the potential impact Open Banking may have on the Saudi Financial Sector and is working to identify the most suitable approach to adopt Open Banking in the Kingdom.
This journey is curated into three distinct phases: a design phase, an implementation phase, and the go-live:
- Design Phase SAMA’s efforts will be devoted to the design of the Open Banking ecosystem (technologies and processes) and to the definition of a governance involving market participants.
- Implementation Phase The implementation phase will cover the development of the defined frameworks, technology building blocks and rollout activities including testing with financial market participants, and enhancement of customer awareness.
- Go-live Phase the Open Banking ecosystem will formally be launched in the Kingdom and adopt a staged approach to support customer awareness and guarantee a continuous improvement in developing the infrastructure.
In the United Arab Emirates, the central bank has largely left it to Dubai and Abu Dhabi’s offshore financial services regulators to craft suitable guidelines, but these are not binding on domestic banks. Several major Gulf banks have launched digital banks that operate in tandem with their conventional retail divisions. These include Dubai duo Mashreq bank PSC and Emirates NBD Bank PJSC, and Abu Dhabi Islamic Bank PJSC
Oman Banks Association’s Chief Executive Officer, Ali Hassan Moosa, warned that Omani banks ignore at their own peril an array of new developments that have the potential to revolutionise the global industry. He has called on local banks to be suitably geared for an upcoming period of accelerated change expected to sweep across the industry.
CENTRAL BANK OF BAHRAIN was the first country in Mena to introduce regulations that planned the adoption of open banking by all retail banks in Bahrain.
Profile of Attendees
- Government Officials and C-Level Executives (CIOs, CTOs, CISOs, CEOs, CROs)
- Heads of IT & Innovation
- VPs, SVPs, EVPs
- GMs and Senior Management
- Directors of IT Operations
- Directors of IT
- Director of Digital Transformation
- Heads of Digital Transformation
- Heads of IT/ IT Directors
- Head of Digital Banking
- Head of Mobile Banking
- Heads of Information Security
- Heads of Ecosystem
- Heads of Platform
- Head of API
International Finance Corporation
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