Dr. Antoine Khadige
DOHA: The adoption of open banking in Qatar is propelled by a forward-thinking regulatory vision, technological preparedness, and shifting customer expectations, an official said. The Qatar Central Bank’s (QCB) National Fintech strategy, along with its emphasis on financial innovation, has established a clear framework for modernising the financial sector.
Speaking to The Peninsula in an interview, Dr. Antoine Khadige, Partner, Financial Services with Strategy and part of the PwC network, said: “Open banking is set to be a catalyst for innovation in Qatar’s financial sector, especially in digital payments and lending.”
The market expert highlighted that it enables seamless payment initiation directly from bank accounts, reducing reliance on cards and enhancing payment efficiency, speed, and reducing the cost of payment acceptance by shifting more transactions to instant payment rails (FAWRAN). This provides safer payment options, as customers no longer need to share card credentials.
In terms of lending, access to real-time financial data accelerates credit assessments and supports the development of alternative scoring models, benefiting both consumers and SMEs. “This data-driven innovation supports a more agile, responsive, and inclusive financial ecosystem that aligns with global best practices and local economic priorities,” Dr. Khadige said adding that the Fintech startups stand to gain significantly from the open banking ecosystem in Qatar.”
He noted that access to banking data and infrastructure creates a more equitable environment, allowing startups to develop innovative solutions like budgeting apps, alternative credit scoring models, and seamless payment experiences.
“These startups play an essential role in driving agility and customer-centricity across the financial sector, often acting as the innovation engine for new services,” Dr. Khadige said.
However, by partnering with banks and other key players in the ecosystem, they contribute to shaping a more dynamic, inclusive, and competitive financial landscape. Financial institutions are capitalising on these opportunities by investing in Application Programming Interfaces (API) infrastructure, forging partnerships with Fintech companies, and exploring new revenue streams through data monetization and embedded finance models.
The market expert explained, “Open banking enables banks to move beyond traditional services and to offer customers more personalised, convenient, and integrated financial experiences as well as explore new business models and monetise their license, infrastructure, and capabilities through banking as a service proposition blurring boundaries between the financial sector and other industries.”
The official stressed that open banking gives customers greater control over their financial data, allowing for personalised financial products, improved pricing, and a more integrated digital experience. For underbanked and ‘credit invisible’ populations, it provides easier access to credit, alternative financial tools, and non-traditional banking services. Dr. Khadige said, “This democratization of financial services contributes to broader financial inclusion, in line with Qatar’s Vision 2030 goals of economic diversification and digital transformation.”
Industry leaders emphasise that open banking paves the way for numerous opportunities for banks in Qatar, ranging from the launch of innovative products such as ‘banking-as-a-service’ platforms and AI-driven advisory tools to embedded finance solutions in industries like retail, travel, and healthcare. Strategic partnerships with fintech companies facilitate the co-creation of digital wallets, buy-now-pay-later (BNPL) offerings, and solutions tailored for SMEs. These collaborations help banks expand their customer base, access new revenue streams, and accelerate their digital transformation initiatives.
