The MENA Fintech Association (MFTA), the premier not-for-profit organisation dedicated to fostering fintech innovation across the Middle East and Africa is proud to announce the launch of its Open Finance Working Group, a groundbreaking initiative to drive innovation, collaboration, and inclusivity within the financial services ecosystem across the MENA region.
The working group will be co-chaired by Nihal Abughattas, Regional General Manager, MEA at Ozone API and one of the Founding Board Member at the MENA Fintech Association, and Marie Walker, leading global open finance expert and resident Open Futurist at Raidiam. Both of whom bring unparalleled expertise and a shared vision for the future of open finance.
Open Finance represents a paradigm shift in the financial industry, extending the principles of open banking to empower consumers by giving them greater control over their financial data. The working group aims to promote collaboration among regulators, financial institutions, and fintech companies, with the goal of advancing open finance frameworks, driving the open finance agenda, and fostering ecosystem-wide adoption across the region.
Commenting on the launch, Nameer Khan, Chairman of the MENA Fintech Association, said: "The creation of the Open Finance Working Group is a testament to our commitment to advancing the region's financial ecosystem. By uniting key stakeholders, we aim to harness the full potential of open finance to drive financial inclusion, innovation, and growth across MENA. With Nihal and Marie at the helm, this initiative is set to redefine how we think about financial services."
Nihal Abu Ghattas, co-chair of the Open Finance Working Group and Regional General Manager, MEA at Ozone API, remarked: "Open Finance is about creating opportunities for everyone. By putting the customer at the heart of innovation, we can unlock immense value for individuals, businesses, and the broader economy. I’m excited to collaborate with like-minded leaders to chart a clear and inclusive path forward."
Adding to this, Marie Walker, co-chair and Open Futurist at Raidiam stated:
"A number of markets are already making considerable strides in Open Finance, and its success lies in building robust and secure ecosystems that inspire trust. This working group aims to foster collaboration among diverse ecosystem players, facilitate cross-border knowledge exchange, and drive the MENA region's growth while supporting its financial transformation. I’m honored to bring a global voice, and co-lead this vital effort with Nihal and the MFTA team in the region."
A number of prominent industry leaders and executives in the Open Finance space have been selected as Core Committee Members to drive the agenda of the working group, bringing extensive value to the anticipated market wide conversation. The strong representation on the Core Committee indicates the level of commitment to the Open Finance stream and the impact it is looking to achieve.
Among the Core Committee Members who the wider ecosystem will be working with in order to achieve the strategic objectives of the Open Finance Group set below are:
- Abdulla Mashaal, Open Finance and Digital Payments Expert
- Michael Hartmann, Head of Open Finance at Abu Dhabi Commercial Bank
- PK Shrivastava, CEO and Co-Founder of Daleel
- Saurabh Jain [TBC] Open Finance and Digital Payments Expert
- Mahendra Kasula, Open Finance Expert
- Muhammad Ashfaq-Ur-Rehman Founder and CEO of Finmaal
- Sailendra Das, Head- Sanctions Risk Analysis & Control, MEA at Standard Chartered Bank
- Benito Mable, CEO of Vault 22
- Akshata Namjoshi Associate Partner at Karm Legal
Strategic Objectives of the Open Finance Working Group
The Open Finance Working Group will aim to:
1. Create an inclusive platform for an ecosystem-wide engagement that supports open finance initiatives in MENA
2. Act as a knowledge hub by sharing insights, and providing guidance on the benefits of open finance and best practices.
3. Educate and engage stakeholders on the benefits of Open Finance for consumers and businesses.
4. Advocate for secure and inclusive practices to protect consumers' financial data.
With several countries in Middle East and Africa making significant strides in open finance, the MENA Fintech Association’s Open Finance Working Group is a timely initiative designed to collaboratively support the growth of open finance across various markets.
The MENA Fintech Association invites all industry stakeholders from regulators, financial institutions and regional and global fintechs to join this transformative initiative and contribute to shaping the future of finance in the region.