Open Banking is starting to play a larger role in how fintech ecosystems grow, and where investors place their bets.
In MENA, the momentum is building. In 2023 alone, Open Banking market alone actively generated $1.79 billion in revenue across the region, driven by supportive regulations and a growing number of financial platforms built on secure APIs.
Markets like the UAE and Saudi Arabia are shaping this shift from the top down. Regulators are mandating data-sharing standards, launching centralized platforms, and creating space for fintech startups to test and scale.
For investors, this unlocks a new layer of visibility: into customer behavior, credit profiles, and emerging financial products that wouldn’t have been possible a few years ago.
This article explores how Open Banking is enabling new investment models in MENA, and how regulatory frameworks in the region are helping shape what comes next.
Open Banking gives platforms access to real-time financial data (with consent) allowing them to offer products that reflect real spending habits, savings patterns, and income patterns.
That’s changing how people invest, borrow, and build wealth in the MENA region. Here are a few areas where Open Banking is already creating new investment opportunities:
In the property space, platforms like Stake and PRYPCO let users invest in shares of real estate – residential or commercial – without needing to buy an entire unit. Investors can start with a few hundred dirhams, and Open Banking integrations help tailor suggestions based on the user’s actual income and cash flow.
For equities, platforms like Sarwa, Wealthface, and XTB offer fractional stock investing, giving users access to high-value shares like Apple or Tesla without needing large upfront capital. These tools lower the entry barrier and allow for more diversified portfolios, even for first-time investors.
Banks such as Emirates NBD, RAKBANK, and digital platforms like Liv have made it possible to buy and store gold digitally, often starting with as little as 1 gram. Combined with Open Banking access, these platforms can automate regular gold purchases or suggest suitable investment amounts based on spending habits.
Lenders can go beyond credit scores and tap into real-time bank data to assess affordability, reduce fraud, and improve decision speed. That means faster approvals and more tailored loan offers. Some platforms even use this data to help borrowers manage repayment plans more effectively, which improves outcomes on both sides.
The adoption of Open Banking in MENA is influenced by regional regulatory frameworks.
The Central Bank of the UAE (CBUAE) is a regulatory authority that guides Open Banking in the UAE. In 2024, the CBUAE introduced the Open Finance Regulation. As per this rule, all Licensed Financial Institutions must participate in open finance. It facilitates cross-sectoral sharing of data and the initiation of transactions on behalf of users.
The UAE also provides regulatory sandboxes and fintech accelerators to startups. With an environment that encourages innovation, the UAE attracts financial institutions from all over the world. This strengthens its position as a leading global fintech hub.
In Saudi Arabia, the Saudi Central Bank (SAMA) is the regulatory authority that influences Open Banking in the region. In 2022, SAMA launched the Open Banking Framework. It includes a comprehensive set of legislations, regulatory guidelines, and standards for startups.
Later SAMA also launched the Open Banking Lab. It provides a technical testing environment for fintechs. It aims at developing and testing Open Banking services while ensuring compliance with the Open Banking Framework.
Both the UAE and Saudi Arabia are driving financial innovation. But their approaches differ. The UAE attracts financial institutions by providing fintech accelerators and regulatory sandboxes. Whereas, Saudi Arabia is building a structured framework. It prioritises a secure Open Banking environment with regulations and technical standards.
Thimsa is a financial management platform powered by Open Banking data flows. It simplifies B2B, C2B, and cross-border transactions by providing instant transfer facilities. With an immense global reach, Thimsa lets users send and accept payments in 60+ currencies. It's streamlined payment systems and end-to-end automation makes it perfect for e-commerce businesses.
Tarabut Gateway operates across Saudi Arabia, Bahrain, and the UAE. And it has played an important role in advancing Open Banking adoption in MENA. The company has partnered with Visa to support Open Banking solutions. This partnership focuses on creating innovative financial services, simplifying international payments, and enhancing customer experience.
Spire Technologies focuses on sharing knowledge, collaborations, and thought leadership in the field of financial technology. It addresses the financial challenges faced by individuals and SMEs. Spire uses Open Banking to help businesses manage their finances and improve financial decision-making processes.
The fintech industry is evolving and Open Banking is driving this transformation. With new investment opportunities, regulatory developments, and innovation, there is a huge potential for your fintech startup to thrive in the MENA region.
Whether you're a financial institution looking to incorporate Open Banking or an investor exploring new ideas, you need to stay ahead of the curve.
At Ripae, we help businesses build Open Banking solutions that comply with regulations. Get in touch with our experts and discover how we can support your business.
