QNB becomes the first bank in Qatar to offer Open Banking services

QNB becomes the first bank in Qatar to offer Open Banking services

QLNews
By QLNews

QNB, the Middle East and Africa's largest financial institution, has announced the introduction of its Open Banking platform for a larger audience, including clients, partners, and rising fintechs in Qatar. 

QNB has been researching the field of Open Banking for a long time, according to Adel Al Malki, General Manager of QNB Group Retail Banking, who announced the launch. Their collaboration with Ooredoo on Ooredoo Money is a famous example of open banking and fintech collaboration in delivering financial services to the public.

It has now become a case study, with telecom wallets having access to a variety of financial services such as virtual IBAN, Virtual MasterCard, Payroll solution, Local and International remittances, and other services. 

Open Banking strives to securely integrate the bank's core financial services with its partners, share client data, and make payments between businesses easier. The shifting consumer demand, spurred by generation Z's lifestyle preferences, requires businesses to create a consistent customer experience across all interactions.

For data sharing and payment processing, fintechs, IoT firms, and other third-party suppliers are searching for unified integration with banks. Enabling these Open Banking APIs will alter Qatar's fintech ecosystem and help the country's nationals, residents, and visitors develop creative futuristic solutions.

“The success of future banks relies on its use of data and technology; banks blending these two elements to provide lifestyle benefits at competitive offering will lead the industry”, said Adel Al Malki.

Open Banking can provide genuine, significant value to a bank's clients and partners from a customer standpoint. From allowing customers to make payments using their bank accounts rather than credit or debit cards to allowing customers to access a single financial portal for all of their banking needs across multiple financial institutions, investment and insurance companies, and provident and pension funds, the possibilities are endless. Financial data can be securely shared with third parties with client authorization, opening the way for enhanced customer insights and personalized financial instruments.

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