Published on: 25-May-2023

The Arab Monetary Fund held the 9th meeting for the Arab Regional FinTech Working Group on May 23-24, 2023; and the hands-on workshop activity on “Successful Implementation of Open Banking/ Finance Frameworks and Standards” on May 25th, 2023, in Abu Dhabi. The UASA’s General Secretariat participated in the meeting's activities among a group of financial institutions, Arab, regional, and international regulatory authorities, and other related parties.

The meeting discussed various issues related topics such as Metaverse applications in the financial sector and potential legal & regulatory aspects, Green & Sustainable Fintech, Crypto assets specially with regards to risks, regulations & supervision, CBDCs, Open Finance Open Data and data governance, Embedded Finance, Decentralised Finance, Digital Banking, in addition to the Arab Regulatory Roundup.

While the workshop aimed to provide the opportunity to gain a deeper understanding of the various implementation models and their requirements to ensure a successful open banking/ finance framework and market participation. The workshop included an illustrated real case studies and lessons learned from other leading jurisdiction, i.e. UK-OBIE, Australia, and Brazil, ensuring a peer learning experience. The workshop used a practical application with the participants to design a road map to activate banking services and an open financial system in the Arab countries.