Qatar National Bank Introduces Open Banking Platform for Fintechs

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Qatar National Bank (QNB) has broadened access to its open banking platform, opening it up to the bank’s customers, partners and the country’s fintechs.

The move, which makes QNB the first bank in Qatar to launch open banking services, will see customers, fintechs and third-party providers gain access to QNB’s core financial services, securely share customer data and facilitate payments between organisations.

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QNB’s general manager, group corporate and institutional banking, Khalid Ahmed Al-Sada says: “We strongly believe that with the arrival of open banking a new digital collaborative financial ecosystem started to emerge globally, where banks together with their new partners can unlock further synergies and drive innovation faster.

“The ultimate goal of open banking is to increase efficiency, enrich functionality and put user experience to the next level.”

QNB, which is the largest financial institution in the Middle East and Africa, says its enhanced Application Programming Interface (API) infrastructure will allow the bank to cater to changing consumer demand.

“Lifestyle habits of Generation Z require organisations to provide seamless customer experience in each interaction,” the bank says.

QNB says its open banking APIs could transform the fintech landscape in Qatar and help launch “innovative futuristic solutions” for nationals, residents and visitors to the country.

(Source: Fintech Futures)