Open banking is a rich opportunity for GCC incumbent banks

Learned a lot lending an editorial hand here:

Finance Middle East, July 28, 2024

by Dr. Antoine Khadige, Nader Haddad, and Marwan Nadda



Banking in the GCC region is undergoing a significant transformation with the growing impact of regulatory-led open banking initiatives. The Central Bank of Bahrain is preparing to enter the second phase of its open banking plan. Saudi Arabia has announced the gradual implementation of open banking use cases. Kuwait is testing open banking products, and the Central Bank of the UAE has initiated an open finance initiative covering banks and insurers.

With open banking regulatory directives, which require the sharing of customer data (with the customer’s consent) with trusted third parties, incumbent banks are entering a new era of competition. New banking entrants such as fintechs and payment providers can access incumbents’ now-exclusive customer relationships and entice customers away with new products and services.

If they articulate the right vision, however, incumbent banks can meet this challenge head-on, adopt the regulatory dictates of open banking and go beyond them. Banks that embrace open banking—which will grow at a global annual rate of 25% to 27%, according to MarkNtel Advisors and Grand View Research—can retain their market share and transform themselves, create new revenue streams, and forge deeper customer relationships. In Saudi Arabia, for example, we project an open banking penetration rate of 20% with retail customers by 2030.

Incumbent banks can take three actions to take advantage of open banking and position themselves in its vanguard. Read the rest here.

Sustainability in the Spotlight: The Balancing Act of ESG

Learned a lot lending an editorial hand here:

Diligent Institute/ Spencer Stuart, June 2024





This year, sustainability in the corporate world has been defined by flux. The debate in the U.S. around ESG (environmental, social and governance) remains fierce. The global issues that ESG aims to address — climate change, human rights and equity, among others — are enormous and only becoming more complex. This is because, in its broadest definition, ESG reflects a set of objectives common to all companies — from managing risk to playing a role in addressing societal issues to identifying opportunities for growth and value creation. The corporate will and effort to address these opportunities and challenges seems to be growing, not shrinking.

The third annual global Sustainability in the Spotlight survey, conducted by Spencer Stuart and the Diligent Institute, asked public and private company directors across industries and geographies about their companies’ sustainability strategies and oversight. We also asked respondents to provide their perspectives on and involvement in defining their organization’s ESG vision and strategy, as well as their role in overseeing results. Download the report here.