Nihal Abughattas, General Manager for Middle East and Africa at Ozone API, joined Mark Walker to discuss the rapid evolution of data sharing frameworks across the region. While Europe and the UK established the initial blueprint for open banking, Abughattas argued that the Middle East is currently leapfrogging these established markets by adopting comprehensive open finance standards from the outset.
As the co-chair for the Open Finance Working Group at the MENA Fintech Association, Abughattas noted that the regional approach differs fundamentally from Western models by prioritising inclusion over mere competition. This strategy ensures that banks have “skin in the game,” moving away from historical pushbacks toward a collaborative ecosystem where financial institutions and third-party providers (TPPs) co-create value propositions.
“The beauty of open finance is we’re not starting from the ground up,” Abughattas explained. She highlighted that while the “boring” work of building infrastructure and quality APIs takes time, it is the necessary foundation for solving local pain points. One prominent example is the modernisation of rent payments in the GCC. By utilising account-to-account payments and variable recurring payment APIs, the region can finally transition away from its heavy reliance on physical checks.
The conversation also turned to the role of emerging technology, specifically the intersection of data and artificial intelligence. Abughattas described the pairing of open finance with agentic AI as a “marriage made in heaven.” She suggested that when consumers provide consent, AI agents can use that data to find the best mortgage rates or loan products, accelerating the impact of financial services tenfold.
Looking ahead, the focus is expected to shift from technical connectivity to measurable outcomes. Abughattas predicted that by next year, the industry will move beyond discussing whether the “pipe work” functions and instead begin reporting on how open finance has improved lives through better access to capital for SMEs and individuals.
