In the realm of open banking, the European Union (EU) and the United Kingdom (UK) stand out as undisputed leaders. This is attributed to the acceleration of its growth and adoption through regulatory frameworks, a facet lacking in many other global regions. The Middle East and North Africa (MENA) region serves as a notable example, as it has yet to establish a legal framework that would systematically facilitate open banking practices in the area. Despite this, startups in Dubai are recognizing the potential inherent in this concept, simplifying the connection and exchange of customer data for banks.
A noteworthy illustration of this trend is Tarabut Gateway, which offers financial companies convenient access to open banking application programming interfaces (APIs). By utilizing their services, businesses can convert transactional data into practical customer insights and streamline direct bank-to-bank payments. Their comprehensive solution interconnects fintech, banks, and merchants, enabling all stakeholders to deliver optimal value to their respective customer bases.
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